Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Simon Wolfson to share £2.4m bonus

Next chief executive Simon Wolfson is to share his £2.4m bonus out among staff as a gesture of “thanks and appreciation”.

More than 19,000 employees at the high street retailer, who have worked at the chain since 2010, will shares Wolfson’s bonus, an average of £124 each.

The payments will be received in July pay packets.

An email sent out to staff earlier this week said: “Three years ago the Next PLC board awarded me an incentive scheme called a Share Matching Plan (SMP). The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected. As I am a shareholder, I have also greatly benefited from the increase in our share price.

“So this year, instead of accepting this reward, I have asked the board if they will share it out between all the people who have worked for the company during the three year SMP qualifying period. You, and all employees who have been working at Next since June 2010, will be included.”

He added: “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.”

This comes less than a month after Next posted a 9% rise in pre-tax profits in the full-year to January 2013 to £622m. For the full-year period sales increased by 3.1%, driven by a 9.5% growth in the retailer’s Directory business, which includes both its catalogue and online offer.

The company’s annual report also revealed that Wolfson has cemented a 13% pay rise to £4.6m in the year to January 2013.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.