SuperGroup freezes pay of executive directors
SuperGroup, the owner of the SuperDry fashion chain, has frozen the pay of its executive directors despite seeing a 110% increase in its profits.
The group’s annual report said that its board, including the group’s founder Julian Dunkerton, would not receive an increase in annual salaries.
The report said that the executive directors held "significant shareholdings" in the company and would be incentivised by the performance share plan introduced last year. They have also been given life insurance for the first time.
Dunkerton, who launched the business 20 years ago from a market stall, floated it in March this year raising an estimated £125 million. He still owns a 30% stake in the business. The report appeared to show that following the float his package rose to £418,745 from £59,884 in 2010.
SuperGroup also reported that it had given former chief operating officer Diane Savory a £112,500 payoff. Widely credited as one of the architect’s of SuperGroup’s success, Savory left the business earlier this year for "personal reasons".
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