Made rows back on executive pay jump

Made has rowed back on plans to give its executives significant pay increases.

The retailer had planned to give Philippe Chainieux – now former ceo and replaced by Nicola Thompson, former coo – a £100,000 base salary increase to £550,000 and Adrian Evans, cfo a £40,000 rise to £365,000. However, this has been replaced with an increase that all staff will receive: 2.5%.

‘Whilst the leadership following the IPO has been exceptional and we are making strong progress against executing our strategy, we are also very aware that the changes proposed are material and given the wider macroeconomic environment and external headwinds impacting the business, the proposed increase would not be appropriate at this time,’ says Gwyn Burr, Made chair of the renumeration committee in its annual report. 

However, the rises may happen in the future, with Burr saying the increases will be deferred. 

The report also shows that Susanne Given, Made chair was awarded £1m ‘in recognition of the services provided to the group prior to the IPO and the significant increase to her workload in preparing for the IPO.’

The net proceeds were used to buy shares in the retailer.

Made22

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