Chief executive Rob Perrins’ pay also rockets by 70%, after two years of static wages
The total pay package of Berkeley Group chairman Tony Pidgley jumped by almost a third, to £3.2m, in the last year.
The remuneration package for the year to 30 April 2011 included a £2.3m “earned bonus” through the firm’s bonus scheme, according to the annual report filed this week. The whole package increased 31% from £2.4m in 2010
The report revealed the remuneration of chief executive Rob Perrins, in his first full year in control of the firm, also increased by 69% to £1.9m.
The pay increases follow two years of static wages at the firm, which is the only housebuilder to maintain profit every year of the recession. In April, Berkeley reported profit for the year of £136m, which was up almost a quarter on 2010.
However, in contrast, Barratt chief executive Mark Clare received just £1.4m in salary and bonuses, and counterpart Pete Redfern, chief executive of Taylor Wimpey, received £1.6m, both for 2010.
Though Pidgley is now chair of the company, as founder of the business his pay remains among the highest in the industry.
The report also revealed former director Tony Carey was paid half a million pounds as severance for leaving the firm last year.
Carey, who had been at the company for 20 years and led the highly successful urban regeneration division of the business, St George, quit in September 2010 unexpectedly.
He was paid £497,444 “compensation for loss of office” by Berkeley Group, equivalent to just under half of his 2010 remuneration of £1m.
Berkeley has never fully explained Carey’s departure, which he made dwespite having been one of the closest collaborators with Pidgley since he became managing director of St George in 1990.
Pidgley announced this week that the former chairman of St George, Greg Fry, has been brought back to oversee growth at the division.