Boss gives his £2.4m bonus to 20,000 Next staff

Boss gives his £2.4m bonus to 20,000 Next staff after overseeing huge profits (and receiving £7m himself)
Almost 20,000 staff to get bonus after Wolfson waived rights to reward
Tory peer was due to receive £7m pay packet but handed back £2.4m
Came from one share scheme and will be redistributed among workers
Equivalent of 1% bonus for every member of staff on board since 2010

Almost 20,000 staff at Next will get a bonus after boss Lord Wolfson waived the rights to one of his lavish rewards.
The Tory peer, who has presided over a ballooning in value of the retailer’s profits, sales and shares, was due to receive a pay packet worth up to £7million.
But he handed back £2.4million from one share scheme, which will be redistributed amongst the group’s workers.
It will be the equivalent of a 1 per cent bonus for every member of staff who has been on board since 2010.
‘The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected,’ Wolfson wrote in an internal email to staff.
‘I hope you will accept this additional bonus as 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.
‘I remain very grateful for the way in which everyone has helped to navigate our business through this recession.’
The shares in question were given to Wolfson in 2010 – but only became available to him if the company hit certain performance targets.

Since then, the group’s stock market value has increased by around £3billion, with shares almost doubling from 2083p to 4348p last night (down 24p).

Even without the share awards, Wolfson’s package rose 13 per cent to £4.6million.
On top of basic pay of £714,000, he received £3.6million from bonuses and other performance-based incentive schemes.
Product guru Christos Angelides saw the value of his pay and rewards more than double from £2.6million in 2011 to £5.4million last year.

Source: http://www.dailymail.co.uk/money/news/article-2310282/Lord-Wolfson-gives-2-4m-bonus-20-000-Next-staff-overseeing-huge-profits.html