Asos bosses have missed out on bonuses for the first time in four years after the retailer failed to hit tough targets.
According to The Telegraph, chief executive Nick Beighton had his base salary frozen at £565,000 and missed out on a bonus payout worth hundreds of thousands.
Despite Asos raking in £102 million in pre-tax profit for the year to August 31, a 28 per cent year-on-year increase, the online fashion retailer had a much higher target.
“As a result, no bonus award has been made to the CEO, CFO or any other employee for the period to 31 August 2018,” the online giant said.
Although bonuses were slashed, Beighton still took home £2.9 million for the year thanks to a surge in Asos’ share price.
The Telegraph indicated that a bonus payout on top of his base salary and share earnings could have seen him pocket almost £4 million.