Sly Bailey, chief executive of Trinity Mirror, saw her take home pay increase by almost 68 per cent last year to a total remuneration of £1.68m.
Bailey’s package included a basic salary of £736,000, a cash bonus of £671,000 with an additional £248,000 in pension contributions to trump the £1m package she was paid in 2008.
The increase came in a year where Trinity Mirror axed 1,700 staff (around 20 per cent), sold or closed 30 publications, closed one print plant and 15 offices, recorded a fall in pre-tax profits of 42 per cent to £72.7m and introduced a group-wide salary freeze.
Over the same period group revenues fell by £108.4m to £763.3m however the company reduced costs £73.6m year-on-year, ahead of its target of £65m
Trinity Mirror finance chief, Vijay Vaghela was the company’s second highest paid executive. He took home £909,000 last year – this was 67 per cent increase on the £545,000 he took home the previous year.
Vaghela’s package included £430,000 basis salary, £350,000 cash bonus and a pension contribution of £110,000.
Trinity Mirror legal director, Paul Vickers, had a take-home package of £754,000 including a basic salary of £ 375,000, a cash bonus of £229,000 and pension contributions of £119,000.
Vickers package was a 46 per cent increase on the £515,000 package he took home in 2008.