Pay of Bovis Homes chief executive Malcolm Harris fell to £513,000 in 2007
Malcolm Harris, chief executive of Bovis Homes, took home £513,000 in 2007 – almost half the figure in 2006.
Harris forwent his bonus last year as the housing market tightened, which meant his pay was 48% below last year’s figure of £988,000. The figure comprised a basic salary of £488,000 plus a £500,000 bonus.
Despite the drop, his basic salary increased by 5% from £500,000 to £525,000.
David Ritchie, group managing director, also received no bonus and took home £308,000, a 45% drop on last year’s figure of £565,000, which included a £300,000 bonus.
Ritchie will replace Harris as chief executive in May. In turn, Harris will replace Tim Melville-Ross, who is leaving the company.
Melville-Ross took home £95,000, a 7% rise on last year’s £88,000.
Finance director Neil Cooper, who joined Bovis on 2 January last year, received £188,000.