Former Thomas Cook chief executive Harriet Green will receive no bonus after the group company failed to hit earnings targets last year.
However, she remains in line to receive shares worth £9.3 million at today’s prices over the next two years.
The company’s annual report showed that Green, who abruptly stepped down in November, was paid £1.04 million for the year to the end of September, down from £2.9 million in the previous year.
Her package in 2013 included £1.8 million from the group bonus plan.
Cook failed to hit earnings and cash conversion targets for last year, meaning neither Green nor finance director Michael Healy received a bonus.
“Despite [our] achievements and significant progress against our strategic KPIs [key performance indicators], the full-year 2014 outcomes were below the financial hurdle levels set at the beginning of the period,” the company said.
Green, who is on gardening leave from the company until mid-June, is eligible for up to 7.1 million shares under two long-term plans, the first of which is due in June depending on the firm hitting performance criteria.
Her other benefits fell 17.6% to £152,991 in the year to September 2014. The company said this was due to a drop in hotel bills and the removal of a £20,000 car allowance.
Green oversaw a 829% appreciation in Thomas Cook shares during her two-and-a-half years in charge.
She was succeeded by Peter Fankhauser.