Tui Travel chief executive Peter Long (pictured, left) saw his pay rise by 50% last year to top £10 million.
This came despite the Thomson and First Choice parent company seeing statutory pre-tax profits drop by 10% to £181 million in the year to September.
Long’s total remuneration for the year to September 30 was boosted by increased payouts under two long-term incentive plans, which date back to 2010, the group’s annual report shows.
His basic salary of £850,000 has not increased since 2008, while his annual bonus for 2013 was 6% down on the previous year at £1.369 million.
Long’s total remuneration was boosted by a £4.7 million award under the company’s deferred annual bonus scheme, up from £2.755 million in 2012.
He also received £2.7 million under a performance share plan against £1.2 million under the same scheme the year before.
The remainder of his remuneration package was made up of £26,000 of benefits and £425,000 of retirement benefits.
Excluding one-off costs, Tui’s underlying operating profit reached a record £589 million for 2013, a 20% increase on 2012.
Tui insisted that since 2010, the group’s earnings per share had increased by more 22% a year.
The group said: “Tui Travel’s remuneration policy places substantial emphasis on variable pay to ensure that reward is aligned with the best interests of shareholders and that executive directors will only receive significant remuneration for exceptional performance.
“For the sixth year running the group achieved a record underlying operating profit.”
The group’s annual general meeting is to be held in London on February 6.