Wolseley bosses awarded themselves £873,000 in bonuses this year, despite announcing more than 10,000 job losses.
Chip Hornsby, chief executive of the materials group, took home a total of £1.2m in the year to 31 July 2008, up 14% on last year’s £1.1m. Within that figure was a performance bonus of £377,000, despite a fall in pre-tax profit from £634m to £145m for the company over the period.
Rob Marchbank, the managing director of Wolseley UK, took home a total of £900,000 – £40,000 more than last year and including a bonus of £154,000.
Despite the redundancies and profit slump, overall executive pay was up 5% from £4.1m to £4.4m.
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