The new boss of Burberry has clocked up a £1.2million bonus for just nine months in the role and been given a golden handshake that could be worth three times that.
The fashion label paid Joshua Schulman £2.5million for the year to the end of March, including £846,000 in salary, and benefits such as a £380,000 relocation fee for moving from the US, where he ran handbag maker Michael Kors.
He was also promised a ‘recruitment award’ worth up to 300 per cent of his salary if the share price ‘more than doubles’ and returns it to the FTSE 100 within three years.
Even without that, he could net up to £5.7million this year if bonus targets are met.
Shares are up 14 per cent since he replaced Jonathan Akeroyd as chief executive last July.
Last month Burberry, whose summer campaign features model Rosie Huntington-Whiteley and tennis ace Jack Draper, revealed a £3million annual loss as sales fell 17 per cent and set out 1,700 job losses.
Sales slump: Burberry, whose summer campaign features model Rosie Huntington-Whiteley and tennis ace Jack Draper (pictured), has revealed a £3m annual loss
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