The new chief executive of scandal-hit Rochdale Boroughwide Housing (RBH) has been announced today (June 12).
26.05.2023 - 05:33 / manchestereveningnews.co.uk
Fast-fashion giant Boohoo handed its chief executive a bonus of more than £650,000 despite racking up losses of over £90m.
According to the annual report of the Manchester-headquartered group, whose brands include PrettyLittleThing and Nasty Gal, John Lyttle took home a £1.35m pay packet in the year to February.
It was made up of his £651,000 salary, and an annual bonus also amounting to £651,000, or 100% of his base wage.
READ MORE: Join the FREE Manchester Evening News WhatsApp community
Boohoo’s largest shareholder Mahmud Kamani, who co-founded the firm in 2006 and is estimated to be worth around £675m, also enjoyed an annual bonus worth 100% of his salary. He took home £1m last year.
In March, shareholders narrowly approved a new bumper incentive deal which could see Mr Lyttle earn a £50m bonus over the next five years provided he led a significant turnaround in Boohoo’s share price.
Boohoo said the share price targets were "realistic" but "very stretching", and "provide a real incentive for management to return Boohoo to growth and value creation".
It comes as the firm's share price has collapsed in recent years, plunging by more than 45% in the past year.
Furthermore, Boohoo sunk to a loss of almost £91m from a profit of £7.8m the prior year, after sales slipped by more than a 10th.
The retailer was affected by rising costs, including shipping, staffing and energy, as well as shoppers returning to the high street.
However, Boohoo said it "considered at great length" the group’s financial performance and "determined that they were not reflective of the overall performance of the management team during the financial year".
It added: "The committee recognises the strong performance of management and successful
The new chief executive of scandal-hit Rochdale Boroughwide Housing (RBH) has been announced today (June 12).
Molly-Mae Hague made a cheeky comment about her boyfriend Tommy Fury's performance during Soccer Aid after he paid a sweet tribute to her and their daughter.
Inter Milan head coach Simone Inzaghi hailed his players' efforts after they were beaten 1-0 by Manchester City in Saturday's Champions League final in Istanbul.
Manchester City manager Pep Guardiola admits it is an "honour" to have equalled the achievement of Sir Alex Ferguson by winning the Treble, revealing the former Manchester United boss messaged him before the final.
Manchester City manager Pep Guardiola has paid tribute to the special mentality of Manchester United's treble winners ahead of the Champions League final in Istanbul this evening.
With just a few days to go until the start of the summer transfer window, all eyes are on Manchester United and who they will turn to in their pursuit of a striker.
A former rail boss has spoken out against scrapping plans to build two new platforms at Manchester Piccadilly. The plans for platforms 15 and 16 date back more than a decade and have been waiting to be signed off since 2015.
Gemma Atkinson has been hailed a 'hot mama' as she showed off her blossoming baby bump at the British Soap Awards. The annual star-studded event on Saturday night (June 3) saw actors and actresses from the likes of Coronation Street, EastEnders, and Hollyoaks come together to celebrate the very best of the soaps.
More details have emerged about the encounters between two alleged Greater Manchester gang bosses in Dubai.
Manchester United icon Eric Cantona has admitted he is only a fan of Manchester City boss Pep Guardiola in today's football climate.
Brighton manager Roberto De Zerbi expects Alexis Mac Allister and Moises Caicedo to leave the club this summer, amid links with Manchester United.
Manchester United boss Marc Skinner vowed his side will continue to "hunt" down Women's Super League champions Chelsea next season after being pipped to this year's title by the Blues.
Rumours of a relationship between Phillip Schofield and a younger male colleague were investigated by ITV in early 2020, bosses have said.
In the inaugural Women's Football awards ceremony, Manchester Laces, the city's biggest inclusive football club won the Spector, Constant & Williams Grassroots Initiative of the Year award for its inspiring dedication towards diversity and inclusivity at grassroots level.
A trucking boss who led a double life as drugs baron has been ordered to pay back £630,000. Thomas Maher, aged 42, was sentenced to 14 years and eight months in prison in December 2020 for moving drugs and dirty cash across Europe.
Paddy McGuinness gave a candid glimpse into his home life with his ex-Christine McGuinness a week after they jetted back from a family holiday.
Jamie Carragher picked Eddie Howe over Pep Guardiola for his Manager of the Season as he feels their qualification for the Champions League is more unexpected than a potential Manchester City treble.
Brighton boss Roberto De Zerbi admits he could lose a number of key players this summer, with Manchester United said to be interested in two stars.
Manchester United outperformed their rivals from across town for their well-earned 2-1 derby win on Sunday. Hayley Ladd gave the home side the early lead and kept the City attacks to a minimum in the first half. Filippa Angeldahl equalised deep into the second half but last-minute drama saw Lucia Garcia fire the ball into the back of the net to clinch the winner in stoppage time.
Bournemouth manager Gary O'Neil has confirmed that Jefferson Lerma should be available for the visit of Manchester United this weekend after suffering a broken nose against Crystal Palace.