Thomas Cook’s new chief executive Harriet Green could receive a pay package worth almost £3 million in her first year with the company.
Details of her contract emerged in the business press yesterday and were confirmed by Thomas Cook today.
Green, who joined in July, receives a basic annual salary of £680,000 and could get as much as £1.5 million in a performance-related bonus – 25% of it paid in shares and deferred for three years.
The Sunday Times claimed it had seen a copy of Green’s contract, which includes pension payments and compensation for share options and bonuses she gave up when she left her previous job with Premier Farnell, equating to between £450,000 and £650,000.
Thomas Cook’s boss is currently overseeing a major cost cutting drive at the company and hopes to find £100 million in annual savings.
Her annual salary is 20% lower than her predecessor, Manny Fontenla-Novoa, was earning. It is believed his basic salary was £850,000 in his final year.
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