Compass chairman gets 40% pay rise

25 January 2002
Compass chairman gets 40% pay rise

Francis Mackay, chairman of contract catering giant Compass, won a pay rise of almost 40% last year, giving him a new seven-figure salary.

Mackay took home £1.2m, compared with £864,000 the year before.

Chief executive Michael Bailey, the group's highest-paid director, also enjoyed an inflation-busting rise in pay. His wage packet climbed by 28% to £1.3m, from £1.04m.

According to the group's 2001 annual report, the first since its demerger with Granada last year, pre-tax profit increased by 110% to £583m, while turnover went up by 51% to £5.8b.

Next week 450 senior managers will be able to cash in on some nine million extra shares in the company as part of a £28m commitment plan put in place as a bid to retain senior employees during its merger and demerger with Granada.

A group spokesman said he did not expect anyone to cash in on the plan immediately.

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