Harriet Green lost out on final bonus before Thomas Cook exit
Former Thomas Cook chief executive Harriet Green saw her pay packet plummet by 73 per cent in her final year in the job after coming up short of her targets, it came to light yesterday.
Before her high-profile exit from Thomas Cook in November, Green was unable to pick up her bonus for the 2014, despite being awarded a £1.8m salary boost the previous year. The absence of a bonus saw Green’s total pay fall to £1m for the year, from £2.9m in 2013.
In Thomas Cook’s 2014 Annual report, released yesterday, the British firm’s remuneration committee said: “Despite achievements and significant progress against our strategic KPIs (key performance indicators), the [2014] outcomes … were below the financial hurdle levels set at the beginning of the period. Consequently, the committee has determined that no payment will be made under the group bonus plan.”
Despite the lack of a bonus, Green did not leave the company penniless after being allotted 8m shares – with a combined value of around £10m – that will vest in 2015 and 2016, as part her performance share plan.
Green has been widely hailed as the saviour of Thomas Cook, with the company nearing collapse when she drafted in.