The new chief executive of Rentokil received more than £2m for just nine months work for the troubled group last year, it has emerged.
Doug Flynn earned a total of £2.15m during the nine months to the end of December. This was double the level of pay his predecessor received and came despite Rentokil's profits falling by 17% during the period. Mr Flynn's pay packet was made up of a £600,000 basic salary and a £600,000 bonus.
On top of this he received a compensatory award of £800,000 and benefits totalling £151,000, which included private health insurance, as well as the cost of legal and tax advice he took before joining the company. In addition to this a company car and driver were also provided for Mr Flynn for business and limited private use at a cost of £2,000.
A total of £132,000 was also paid into the chief executive's pension during the period - the equivalent of 22% of his basic salary. He is also in line to receive up to 3.7 million shares in the company, which closed at 158.97p before Easter, paid over a number of years through a combination of a compensatory award and performance related initiative.
Mr Flynn was appointed in April last year to turn around the struggling group after profits fell by 25% during 2004.
Source: News.sky.com