Next cuts chief executive Lord Wolfson's pay by 55 per cent on a "challenging" year

 
Courtney Goldsmith
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Next's profit fell for the first time in eight years last year
Next's profit fell for the first time in eight years last year

The boss of Next saw his pay slashed by more than half after profits at the firm fell for the first time in eight years.

Chief executive Lord Wolfson's total remuneration was cut by 55 per cent from £4.3m to £1.8m for the 2016/17 financial year, according to the company's annual financial report.

Next's remuneration committee said the "significant" pay cut reflects the company's performance during a tough year. In March, the middle-market retailer said profit before tax came in at £790.2m, a fall of 5.5 per cent.

"As outlined in our strategic report it has been a challenging year for Next and the remuneration outcomes for the directors have reflected this. Total annual remuneration earned by our executive directors for the financial year 2016/17 was significantly less than that earned for the financial year 2015/16."

Last month, the FTSE 100 group said trading conditions will continue to be "tough", but that Next will emerge stronger than before.

Read more: City analysts explain Next's mysterious seven per cent share boost

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