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Thomas Cook chief bags £5m bonus

Thomas Cook chief executive Manny Fontenla-Novoa received a performance-related bonus of £5 million and pay rise of 34% last year.
According to the company’s 2008 annual report, Fontenla-Novoa’s salary increased from a base salary of £633,000 to £850,000 during the October 2007 to October 2008 financial year.The additional £5 million bonus is a result of him exceeding savings targets after the merger with MyTravel.
The company’s annual report for 2008 also showed that the groups’ chief financial officer received a bonus of £1.275 million.

The bonuses reflect “the exceptional performance and personal effort of the senior executives involved”.
A Thomas Cook spokesperson said the rises were performance related to 2,800 job cuts made by the company in June 2007.