Dixons hands Browett £1m despite big losses

DIXONS chief executive John Browett was paid more than £1m in the last year despite the company being hit by tough trading in the electronics retailing market.

His finance director Nicholas Cadbury, who is stepping down, was paid £564,000 including a cash bonus of £62,000.

A chart in the report called Total Shareholder Return provided by the company shows that a hundred pounds invested in Dixons five years ago would now be worth around £15.

Defending the pay packages, Dixons said that neither executive had received a reward based on the group’s performance.

Instead the bonuses were for meeting “personal objectives”. The company has not explained what those objectives were.

Last month the retailer reported a £224m annual loss.

The electricals retailer said its turnaround plan, which includes £50m savings a year, was on track. It is pinning its hopes on 3D TV sales and high levels of service.