The CEO of Next earned £2.45 million less last year with zero bonus.

Lord Wolfson, Next

Next

LONDON — The CEO of High Street and catalogue retailer Next saw his total pay package fall by £2.45 million ($3.14 million) last year after a tough year for the company.

Next's annual report, released on Tuesday, shows that Lord Wolfson's total remuneration for 2016/17 was £1.84 million, compared to £4.29 million in 2016/17 — a fall of 55%. Lord Wolfson received a 1% rise in his base salary to £766,000 but missed out on his bonus and saw other performance related pay decline.

Mid-market retailer Next suffered its first fall in profits since the recession in 2016/17, down 3.8% to £790.2 million in the year to January 1. Next's share price collapsed 14% when it warned at the start of the year that profits were likely to fall.

Lord Wolfson is seen by the City as one of the canniest CEOs in retail and Next typically outperforms the market, but suffered a significant dip last year, as the below chart demonstrates:



By Oscar Williams-Grut.
Full story at Yahoo News.