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Airtours chiefs bag massive bonuses
Airtours is under fire after it was revealed its top bosses received huge performance-related bonuses last year which doubled their wages.
Although the company made 1,600 job cuts following the September 11 terrorist attacks, 350 of which were in the UK, Airtours – which is shortly to change its name to MyTravel – claims the bonuses are justified as they relate to performance before the terrorist attacks on New York and Washington. However critics point out that a further 1,200 jobs had also been lost prior to September 11 as part of cost-cutting measures.
Airtours chairman, David Crossland, received a £402,000 bonus to take his total salary to over £1 million, while chief executive Tim Byrne boosted his wages to £902,000 with a £325,000 bonus.
The company’s annual report also reveals that UK leisure group chief executive Richard Carrick boosted his pay to £667,000.
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