While the workers are being made more efficient.....
Thomas Cook’s new chief executive Harriet Green was reportedly handed 6.2 million shares, which are now worth around more than £1 million.
According to reports, finance director Michael Healy, who was also appointed over the summer after the resignation of Paul Hollingworth, has been given a total of some 2.5 million shares, since joining the group in July. His shares are currently worth £437,500.
Thomas Cook is understood to have stresses that the shares would not vest for three years, and would be subject to “stretching” performance targets, the Daily Telegraph said.
The operator said it had spoken with major shareholders and governance bodies before announcing the plan, which is designed to act a “golden hello”.
Just under half of the shares will be awarded subject to share price targets, while the remainder will depend on financial performance goals being met by the new management team.
These targets will be determined by the turnaround plan which Green will be setting out in spring.
A Thomas Cook spokesman told the Telegraph: “The board considers is important the new management team is incentivised in the right way and from the start.”
source TTG 9th Oct