Big bonus paid out to Aggreko chief Chris Weston
AGGREKO chief executive Chris Weston saw his pay packet increase by more than £400,000 last year thanks to a £721,500 bonus which took his total remuneration to £2.3 million.
Mr Weston’s pay comprised a £750,000 salary, £24,747 in benefits, £225,000 in pension payments and his bonus. In addition he received £598,865 through the vesting of shares awarded as compensation when he joined the group.
Temporary power supply group Aggreko faced a challenging year as profits fell by 12 per cent to £195m because of issues relating to the renewal of a number of contracts in Argentina which were initially signed on better terms because of a higher risk in a country which has since become more stable. The group said at the time this masked an underlying improvement in the business.
Revenue at the Glasgowbased
Mr Weston’s pay increased by more than £400,000 last year
group climbed 4% to £1.7 billion
Mr Weston’s bonus was made up of 70% of salary from a potential 140% as a reward for diluted earnings per share growth and 26.2% of his salary from a potential 35% relating to personal objectives.
The company’s accounts show that diluted earnings per share for 2017 was 53.94p, down 13% on the previous year, but above the 49.14p threshold which activated Mr Weston’s bonus.
Mr Weston has come under fire from investors for the group’s performance, and shares hit an eight-year low of 695.3p on March 6 when its full-year results were announced. They have since mounted a moderate recovery, and closed last night down 1.6p at 719.4p.
The group’s only other executive in 2017, Carole Cran was paid a salary of £412,000 but received no bonus following her departure from the business.