Thomas Cook has announced its former chief executive has been awarded a performance-related payout at the minimum of the range expected.
Harriet Green had potentially been in line for a £10 million payout when a share option matured following her unexpected departure in November last year.
However, in a statement released today the operator has confirmed she was awarded just 4.1 million shares. She had been in line to take between 4.1 million and 7.1 million.
This lower award means the value of her payout is an estimated £5.7 million. The shares are due to vest today (June 30).
Green has also previously vowed to donate a third of her award to charity following criticism of the way Cook handled the deaths of two children from carbon monoxide poisoning in Corfu in 2006.
In a statement Cook said: “The number of shares vested is based on an assessment of business performance against several targets including share price, as set out in the terms of the plan.
“During her two and a half years of service at Thomas Cook the share price rose from 16.25p (30 July 2012) to 136p (25 Nov 2014).”
“Thomas Cook also notes and is positive about Ms Green’s commitment to donate a third of her share award to charities chosen after consultations with the parents of Christi and Bobby Shepherd.
“This would include a substantial donation to a Carbon Monoxide charity to support the work of the recently launched joint initiative with Thomas Cook to fund research into protection from carbon monoxide, limit the risks associated with it and raise general awareness of the related dangers.
“The parents of Christi and Bobby Shepherd expressed their satisfaction with this outcome.”