Hays boss sees a £200,000 cut in annual pay

ALISTAIR Cox, chief executive of recruiter Hays, saw his pay shrink by £200,000 to take home £1.56m last year, according to the company’s annual report.

The report that showed Cox took home a base salary of £630,000 and received a cash bonus of £422,000 during that time.

Similarly, finance director Paul Venables took a £200,000 pay hit after his salary dropped from £1.31m in 2009 to £1.11m in 2010.

The report said that Venables’ base salary came to £454,000 and he also received a cash bonus, worth £301,000.

Both Cox and Venables will see their respective salaries frozen for another year due to the uncertainty of the economic climate.

Hays’ international fees fell by almost 20 per cent to £557.7m for the year ending 30 June 2010 and before tax profits nosedived to £29.7m from £151m.

The recruiter said that its business can withstand tough economic times and that it is confident moving forward.
Last month the recruitment firm revealed that it had laid off a 100 staff in the UK.