Holiday company Tui Travel paid out a total of £29m to its directors in the 12 months to the 30 September, with chief executive Peter Long pocketing total remuneration of £13m, compared with £11m in 2013.
The payouts were revealed in Tui’s results for the 2014 financial year, which showed that revenue had fallen by three per cent, from £15.1bn in 2013 to £14.6bn. Underlying profit before tax grew, however, climbing three per cent to £475m from £461m.
The British firm paid Johan Lundgren, deputy chief executive, £8m, up from £5m, while William Waggot, chief financial officer, received £6m, up from £4m. Executive director Volker Boettcher, who announced his resignation from the company’s board in December 2013 and left at the end of 2014, took home a total of £952,000. In 2013, he made £3.6m.
The company stated: “The remuneration policy at Tui Travel places substantial emphasis on variable pay. The committee considers that this is aligned with the best interests of shareholders and ensures that executive directors will only receive significant remuneration for exceptional performance.”
Tui Travel’s merger with German Tui AG, which had been the British company’s largest shareholder, completed in December. The €6.5bn (£5.1bn) deal led to the creation of Tui Group.