A £30 million performance-based windfall has been shared by three top executives at Tui Travel.
Chief executive Peter Long received – and immediately sold – shares worth almost £15 million after three lucrative long-term bonus and performance schemes paid out simultaneously.
The shares, some 3.2 million in total, had been given to the chief executive in 2011 and were conditional on the company hitting performance targets.
Long, who received a pay package worth up to £10 million last year, also became entitled to the payout after the company hit its financial targets.
Two other directors at the Thomson and First Choice parent company also received large payouts.
Deputy chief executive Johan Lundgren received shares worth £8.6 million, and finance director Will Waggott received a £6.3 million in shares. The shares were also sold yesterday.
The windfalls come ahead of the planned merger between Tui Travel and its German parent Tui Ag, with shares in the combined group due to be listed on the stock exchange next week.
Tui Travel saw pre-tax profits rise by 3% to £475 million in the year to September and said strong trading was continuing from the UK for this winter and next summer.