Mytravel directors cream it on the way out.
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Mytravel directors cream it on the way out.
Makes you feel really sick.
From the Observer:
Mytravel directors get massive payouts
Heather Connon
Sunday March 7, 2004
The Observer
Departing directors of Mytravel, the struggling tour operator, were paid up to three times their contractual entitlement when they left, according to an analysis produced for The Observer. Mytravel was widely criticised when its accounts revealed it had paid £4.5 million compensation to five directors last year, despite racking up £911m losses and seeing its share price shrink to under 20p from a high of 544p.
The company said the payouts were in line with service contracts. But an analysis by Manifest, the proxy voting service, found that the £1,132,000 paid to Michael Lee was almost three times his £380,000 salary. Tim Byrne, ousted as chief executive in October 2002, got £1,247,000, equal to 28 months' salary. Both directors were on two-year contracts, which should have limited the total payout.
Kazia Kantor, who quit as finance director last August 2 after nine months in the job, was paid £606,000, equal to almost 23 months of her base salary, despite being on a 12-month contract. Her predecessor, David Jardine, got £844,000 after less than three years, equal to 27 months' salary. He was on a 24-month contract. Mytravel said the payments included entitlement to benefits.
'A prime case of "rewards for failure" if ever there was one,' said Manifest's managing director, Sarah Wilson.
From the Observer:
Mytravel directors get massive payouts
Heather Connon
Sunday March 7, 2004
The Observer
Departing directors of Mytravel, the struggling tour operator, were paid up to three times their contractual entitlement when they left, according to an analysis produced for The Observer. Mytravel was widely criticised when its accounts revealed it had paid £4.5 million compensation to five directors last year, despite racking up £911m losses and seeing its share price shrink to under 20p from a high of 544p.
The company said the payouts were in line with service contracts. But an analysis by Manifest, the proxy voting service, found that the £1,132,000 paid to Michael Lee was almost three times his £380,000 salary. Tim Byrne, ousted as chief executive in October 2002, got £1,247,000, equal to 28 months' salary. Both directors were on two-year contracts, which should have limited the total payout.
Kazia Kantor, who quit as finance director last August 2 after nine months in the job, was paid £606,000, equal to almost 23 months of her base salary, despite being on a 12-month contract. Her predecessor, David Jardine, got £844,000 after less than three years, equal to 27 months' salary. He was on a 24-month contract. Mytravel said the payments included entitlement to benefits.
'A prime case of "rewards for failure" if ever there was one,' said Manifest's managing director, Sarah Wilson.
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It never ceases to amaze me that in business generally , when one fails in a big way , the payoff is bigger than if the company just trades normally . Maybe they are happy to be rid of these clowns but then they just go somewhere else and repeat the performance!!! BA was a case in point , among others.
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Once yr on that gravy train believe me you are on it...! 
They have to pay out to get rid of you even if you screw up...yr package is based on turnover and not profit in many cases?!
They have to pay out to get rid of you even if you screw up...yr package is based on turnover and not profit in many cases?!
Paxing All Over The World
For 'mytravel' you could insert the name of practically any large company, whether you have heard of the individuals or not!
Who was it said (of Tiny Rowland, I think) "The unacceptable face of capitalism?"
Who was it said (of Tiny Rowland, I think) "The unacceptable face of capitalism?"
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It must really rankle with the "troops" at My Travel, who must be praying for survival, to see these "Fat Cats" walk away with pockets bulging.
There is something very wrong with the system!!
There is something very wrong with the system!!
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Directors were a right set of t**t's......Good riddence!!!
I remember goin on holiday with Airtours/MYT many times!!!
Great company with great crews!
They'll still be around for years to come for sure!!!
I remember goin on holiday with Airtours/MYT many times!!!
Great company with great crews!
They'll still be around for years to come for sure!!!
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Yes I'm sure they will be around for a long time to come. They have done really well to get through what they have, so have the staff.
Now you lot, leave the MYT alone. They have gone through a lot of s**t and had to put up with a lot of bad press, critisism and negative comments.
It's not very nice and I'm sure you wouldn't like to be in their position.
What goes around come around!
Leave them alone.............................
And no, I don't work for the company.
Now you lot, leave the MYT alone. They have gone through a lot of s**t and had to put up with a lot of bad press, critisism and negative comments.
It's not very nice and I'm sure you wouldn't like to be in their position.
What goes around come around!
Leave them alone.............................
And no, I don't work for the company.
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Great Company; Great Crews; Great Service - some poor leadership and an unnecessary attack from the press and others. Good Luck to MYT, and may they bounce back soon.
Yarpy -
This is very old news, regurgitated by the Observer to stir up more unnecessary muck by a weak reporter who could not think of anything original to say this week. It seems like a co-ordinated campaign by the media to scare off shareholders, since several big dailys are in on the act from time to time using emotive and vehement adjectives to start their stories. Hopefully they will not succeed.
And in case you are wondering, I am not employed by MYT - I just hate our industry being slagged off by the newspapers in such a way which may end up with lots of good people loosing their jobs.
Yarpy -
This is very old news, regurgitated by the Observer to stir up more unnecessary muck by a weak reporter who could not think of anything original to say this week. It seems like a co-ordinated campaign by the media to scare off shareholders, since several big dailys are in on the act from time to time using emotive and vehement adjectives to start their stories. Hopefully they will not succeed.
And in case you are wondering, I am not employed by MYT - I just hate our industry being slagged off by the newspapers in such a way which may end up with lots of good people loosing their jobs.
Last edited by breakscrew; 8th Mar 2004 at 17:30.
