Cyril Sweett dropped plans to reintroduce an executive bonus scheme in 2010 after bosses failed to meet profit-related performance targets
It follows a statement in the consultant’s accounts last year outlining a plan to bring back a performance bonus scheme for the year ending 31 March 2010, after dropping it in 2009.
Chief executive Dean Webster said: “We got close to those performance targets but we didn’t beat them. [The targets] come down to profit figures in the end.”
He said the decision to scrap the scheme was also taken in light of the downturn. “We felt this was the right thing to do,” he said.
A bonus scheme linked to performance is now due to be brought back for the year ending 31 March 2011.
Webster received £159,000 in salary and benefits in the last financial year, compared with £215,000 in 2009. That included a £37,000 bonus carried over from 2008.
The salary of Derek Pitcher, the company’s director of UK and Ireland, dropped from £140,000 in 2009 to £128,000 this year. In 2009 he received £22,000 in bonus payments.
In the year to 31 March 2010, the company axed almost a quarter of its staff, reducing the total from 962 to 724.