AIRTOURS’ management team received hefty salary increases in 1999 as a reward for increasing group pre-tax profits by 12% to £156.5m.
According to the company’s report and accounts, chairman David Crossland was paid a total of £829,000 this year, compared with £768,000 in 1998. Crossland also owns 48.5m Airtours shares, valued at around £195m.
Group finance director Tim Byrne, who is stepping up to group managing director, was paid £466,000, some £100,000 more than the previous year.
Out-going group MD Harry Coe was paid £735,000, compared with £689,000 in 1998.
West European Leisure Group chairman Lars Theusen’s payment shot up from £365,000 to £868,000, following the maturity of a bonus scheme agreed with the group, while non-executive director Roger Davies received £140,000 for consultancy work in relation to the unsuccessful bid for First Choice and in total received £173,000, compared with £103,000 in 1998.
ACity source said:”The salaries are pretty generous, but the City will not complain because the Airtours management team delivers results.”