Next chief executive pay falls

Lord Wolfson, the chief executive of Next and a Conservative peer, has taken a cut in his salary and long term bonus, despite the fashion retailer reporting record earnings per share in the year to the end of January 2012. Wolfson earned £1.49m in salary, annual bonus and benefits, down from £1.76m during the previous period. The firm has also capped his long term incentive payment plan at £2.5m per year .