A big slump in sales hits Burberry
Burberry chief executive Christopher Bailey’s pay has fallen by 75% this year after the luxury retailer saw its profits slide.
According to the company’s latest annual report, Bailey was paid close to £1.9m in 2015/16 down from £7.5m a year before. Bailey is not receiving any bonuses this year. However, he did not receive any of the bonuses helped him earn £7.5m the year before.
“When the business does not perform as well, this has an impact on what we pay to our staff,” chairman Sir John Peace wrote.
“And when the share price falls as it has in the past year, this has a substantial impact on historical share awards.”