Pay for Reed Elsevier chief executive Sir Crispin Davis shot up by almost £400,000 in 2007 – with his total salary for the year amounting to £2,431,236, compared with £2,040,008 in 2006.
The annual report, released today, reveals that Davis was paid a basic salary of £1,135,680 plus a performance related bonus of £1,267,419 along with taxable benefits of £28,137. It also showed that he owns shares worth in excess of £3.5 million.
Davis also received a fee of £70,000 during 2007 for his role as a non-executive director of GlaxoSmithKline PLC.
Earlier this year Reed Elsevier announced its intention to sell Reed Business Information – the largest B2B magazines division in the world.
RBI is part of Reed Business – which also owns Reed Exhibitions. RBI had a increase in revenue up to £906 million from £896 in 2006 – which contributed to 61 per cent of Reed Business revenue in 2007.
Online revenue grew by 27 per cent to over £250 million which RBI claims reflects ‘user and advertising demand for our community websites, recruitment, lead generation and search, as well as our online data services.”
RBI UK, which publishes magazines such as ComputerWeekly, Estates Gazette and New Scientist, saw underlying revenues were up 5 per cent reflecting the growth in online sales, which were up 19 per cent and now represent 46 per cent of the total revenue for RBI UK. RBI website Totaljobs increased its revenue by 35 per cent.