Fashion retailer Next’s chief executive pocketed more than doubled salary of £1.74 million last year, owing to performance-related bonus that jumped to £1.02 million as the retailer’s pre-tax profits climbed 18 per cent to £505 million in the year to January 20.
The fashion retailer said that Mr. Wolfson would get £340,000 of his last year's bonus in shares, which would be deferred for two years. However, these shares would be forfeited if he leaves the company before then.
As part of company’s long-term incentive plan, Mr. Wolfson could be provided with additional free shares which could worth around £3.4 million.
The retailer improved its fashion ranges, which helped it putting an end to four years of declining sales last year. However, Mr. Wolfson has warned that the retailer could see drop in sales this year as the next Government could take drastic steps to tame the budget deficit.
Share-holders in Next will enjoy an increase of 20 per cent in dividend payment.