The boss of fast-fashion firm Boohoo has been handed a £650,000 bonus despite it plunging into a loss and seeing its share price lose nearly half its value in a year.
Chief executive John Lyttle took home £1.35million in the year to February – made up of his £651,000 salary and a bonus also amounting to £651,000.
Owner Mahmud Kamani, who co-founded the company in 2006 and is estimated to be worth about £675million, also enjoyed an annual bonus worth 100 per cent of his salary.
He took home £1million. In March, Boohoo shareholders narrowly approved a new bumper incentive deal which could see Lyttle earn a £50million bonus over the next five years – provided that he leads a significant turn-around in the share price.
The stock has plunged by more than 45 per cent in the past year as it made a loss of almost £91million, from a profit of £7.8million the previous year, after sales slipped.
Boohoo was hit by rising costs as well as shoppers returning to the High Street.Read more 2023-05-25T21:59:09Z dg43tfdfdgfd