Next boss Simon Wolfson took home his highest-ever pay package last year, and it could spike again following plans to increase his salary and bonuses. 

Wolfson, who has led the company for 25 years, was paid more than £7m last year and could take home up to £9.27m this year, as reported by The Guardian.

Next said in its annual report that it would be increasing its pay deal for Wolfson, as his pay was 30% below the average for bosses of FTSE 100 businesses. Next stated: “The need to retain and motivate its high-quality management team, to support orderly succession planning, and where necessary, external recruitment”.

The retailer also noted that shareholder returns had been higher than those of other leading businesses for several years. 

“Given this sustained outperformance, the committee does not consider the current levels of remuneration to be appropriately aligned with performance.” 

Wolfson’s pay rose to £7.4m from £4.9m last year. Increases for this year will see Wolfson’s basic annual salary grow by 3% to £1m. His maximum annual bonus will rise to 200% of salary, up from 150%, and his long-term bonus, which depends on growth in earnings per share, will rise to 400% of salary, up from 225%. 

Other Next non-executive directors will see their long-term bonus potential rise to 300% of salary, while annual bonuses may increase from 150% to 200%.

Topics