Summary
Simon Wolfson, chief executive of the British retailer Next, received a record pay package of over £7 million last year and could earn up to £9.27 million this year. Next is increasing his salary and bonuses due to the company’s strong performance and to keep attracting and keeping top managers.
Key Facts
- Simon Wolfson earned more than £7 million in 2023, the highest pay in his career.
- His basic salary will rise 3% to £1 million in 2024.
- His maximum annual bonus will increase from 150% to 200% of his salary.
- His long-term bonus potential will rise from 225% to 400% of his salary.
- Next’s board said Wolfson’s pay was below average compared to other top UK companies and needed to reflect the company’s good results.
- The company reported profits of £1 billion in 2023 and expects £1.2 billion by January 2027.
- Next owns several British retail brands, including Gap, Victoria’s Secret, Cath Kidston, Reiss, and FatFace.
- Four out of five Next executives already earn more than £3 million each year with bonuses.
