Monsoon boss takes £22 million cut to dividend

214
Monsoon Accessorize (Shutterstock)

The head of Monsoon Accesorize Peter Simon has had his annual dividend slashed while promising to take no more until the retailer’s fortunes turn around.

Simon received £5 million in an interim dividend last year, a dramatic decline from his £27 million dividend a year prior when his company made a £18 million loss.

The retailer revealed earlier this week that its full-year EBITDA fell 16.4 per cent to £20.3 million and sales fell 9.2 per cent to £422.1 million.

READ MORE: Monsoon records drop in sales & profits

Monsoon Accessorize has struggled to keep its head above the water in recent years but has embarked on a reorganisation programme, shutting larger stores, splitting the Monsoon and Accessorize brands, and installing more concessions.

The news comes amid growing controversy surrounding executive pay, as lobby groups and MPs alike urge the government to introduce new legislation more effectively stemming skyrocketing executive pay checks.

Today it was announced that Tesco chief executive Dave Lewis would take a £600,000 bonus pay cut, despite returning the retailer to its first year of growth in seven years.

Meanwhile, Morrisons chief executive recieved a hefty raise in his pay package, as a reward for returning the grocer to its fortunes.

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here