Paul Drechsler received more than 拢7m in salary and long-term incentive payments in his final year at firm
Paul Drechsler, former Wates chairman and chief executive, received more than 拢7m in salary and long-term incentive payments in his final year, it emerged this week.
Drechsler, who left Wates in January after 10 years at the firm, received 拢1.4m in 鈥渆moluments鈥� in the year, according to accounts filed at Companies House.
In addition he received 拢6m under the terms of a long-term incentive plan. The company said that 拢4.2m of this related to amounts accrued in previous years at the firm.
The payouts were made despite Wates recording a fall in turnover of 22% in 2013 to its lowest level since 2006, with pre-tax profit also falling to 拢22.3m, its lowest level since 2005.
In Wates鈥� annual remuneration report it says it aims to pay senior executives basic pay, bonuses and other benefits at the 鈥渕edian鈥� level of market practice, but that long-term incentive packages should be at the 鈥渦pper quartile鈥� of executive remuneration in the market.
Drechsler鈥檚 remuneration included basic salary, an annual bonus plan, benefits in kind, pension payments and a long-term incentive plan (LTIP).
The LTIP is payable in cash after a specified performance period that the firm says is usually three years, and is dependent upon meeting 鈥減erformance conditions鈥� set out at the start of the LTIP.
In a statement, Wates said: 鈥淧aul Drechsler was chairman and chief executive of Wates for a decade. His considerable responsibilities in this dual role included working across the whole group and across issues relating to the owning family, the shareholders.
鈥淧aul鈥檚 final payment includes an amount from a long term incentive plan from earlier in his term.
鈥淲ates believes in hiring- and retaining - the best possible people to shape and grow the business.鈥�
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