Next chief exec Wolfson to share out his £2.4m bonus

The best boss ever? Next's CEO has announced that he sharing out his £2.4m bonus between the firm's nearly 20,000 staff.

by Michael Northcott
Last Updated: 12 May 2015

If you’ve got a problem with executive bonuses in these chastened times, look no further than Next CEO Lord Wolfson for a good vibe. He has decided to give his £2.4m bonus to the 19,400 staff who have been with the firm since 2010 as a windfall worth 1% of their salary. 

Wolfson sent out an email to staff saying that it was a ‘gesture of thanks and appreciation from the company for the hard work and commitment you have given to Next over the past three years and through some very tough times.’ 

Wolfson was entitled to the bonus as part of a share-matching plan that began back in 2010, but he says that given the company’s share price has almost doubled since the scheme began, his award has grown to be ‘more valuable than I could possibly have expected.’

He’s hardly out of pocket though: he still gets a salary of £714,000, and has received £3.6m from other bonuses and performance-related pay arrangements. In total, even after that bonus has been shared out, he still gets a £4.6m pay packet. That’s a rise of 13% compared with the previous year, too. 

Still, with good grace, he added: ‘I remain very grateful for the way in which everyone has helped to navigate our business through this recession.’ 

Find this article useful?

Get more great articles like this in your inbox every lunchtime

I ran Iceland's central bank in 2009. Here's what I learned about crisis ...

And you thought your turnaround was tricky.

"It's easy to write a cheque you don't have to cash for 30 ...

But BP's new CEO has staked his legacy on going green.

AI opens up an ethical minefield for businesses

There will inevitably be unintended consequences from blindly adopting new technology.

The strange curse of No 11 Downing Street

As Sajid Javid has just discovered, “chancellors come and go… the Treasury endures forever”.

Men are better at self-promotion than women

Research shows women under-rate their performance even when they have an objective measure of how...

When doing the right thing gets you in trouble

Concern with appearances can distort behaviour, as this research shows.