Former Huntsworth CEO Lord Chadlington's 2014 pay slashed

Former Huntsworth CEO Lord Chadlington saw his annual remuneration fall 29.5 per cent in 2014, from £1.033m to £724,000, after bonus payments to executive directors were scrapped because none of their financial targets were met.

Lord Chadlington: Received a bonus of £332,000 in 2013
Lord Chadlington: Received a bonus of £332,000 in 2013

Huntsworth’s Annual Report and Accounts for 2014 show Chadlington’s salary and fees grew from £648,000 to £668,000 and his benefits package increased from £53,000 to £56,000. However, there was no equivalent to 2013’s bonus payment of £332,000 for Chadlington, who announced he was stepping down last year.

Former COO and finance director Sally Withey, whose departure from Huntsworth was also announced last year, saw her annual remuneration package fall from £730,000 to £575,000 after bonuses were scrapped.

However, she received a one-off payment of £590,000 for "compensation for loss of office" because she was given less than 12 months’ notice of her contract being terminated.

Huntsworth, which owns PR agencies including Grayling, Citigate and Red Consultancy, reported a 20 per cent fall in pre-tax profits in 2014, a year it labelled "unusually turbulent".

Nicky Dulieu, chair of Huntsworth’s Remuneration Committee, said: "In 2014, the performance of the group was weaker than anticipated.

"Bonuses for the executive directors were based entirely on meeting financial targets, none of which were met. Accordingly, no bonus payments will be made to the executive directors in respect of the 2014 financial year."

The new report shows that Paul Taaffe, who succeeded Chadlington as CEO on 7 April 2015, will receive a base salary of £600,000 for the current financial year. He will receive no bonus unless at least 90 per cent of pre-tax profit and revenue targets are met.

Annual fees for Derek Mapp, who replaced Lord Myners as Huntsworth chairman on 1 December 2014, will be £150,000.

Speaking to PRWeek following Huntsworth’s full-year results announcement last month, Taaffe said he expected the business to return to growth within one year.

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