The chief executive of Glasgow-based temporary power supplier Aggreko received a £651,000 bonus as part of a £1.66 million pay package last year.
However, the total figure was down on the £2.3 million Chris Weston received the previous year when he benefited from the release of £598,865 worth of shares granted when he had joined the group from Centrica in January 2015.
Weston received a £750,000 basic salary, unchanged from the previous year. His bonus was down on the £721,500 received in 2017. He also received £225,000 in pension contributions.
He took the job in 2014 after leaving British Gas owner Centrica but faced calls to quit from investors two years ago after the share price plunged along with profits.
Finance boss Heath Drewett, who joined the board in January last year, received a £407,100 bonus on top of his £458,820 salary for the part of the year he served. But he also received previously announced compensation, including for the loss of share awards from his former employer SNC-Lavalin, totalling £984,417. The Aggreko shares he has been granted in compensation will vest in 2020 provided he remains with the group. His total pay package was £1.97 million.
In explaining the bonus payments, the group’s remuneration committee said that Weston had broadly met the objectives he had been set for the year.
“In particular, Aggreko is making progress on a range of fronts including getting back to growth in Power Solutions and continuing strong performance in North America,” it said.
It added that Drewett “has quickly made a strong impact in the business”.
“Highlights include further increasing the group’s discipline and focus on working capital and recasting Aggreko’s investment case with the market.”
Neither director will receive a rise in their basic salaries this year, the fifth year running that there has been no increase. The average pay increase across the group in 2018 was 4.8%.
Earlier this month Aggreko, which employs over 6,000 worldwide, reported a 10% rise in pre-tax profits to £182 million for last year as demand for temporary power systems expanded around the globe.
The company, which has been awarded the temporary electricity generation contract for the Olympic and Paralympic Games in Tokyo worth $200 million (£152 million) in 2020, reported rental revenues up 22%, which is 52% of group income. Group revenue was £1.76 billion up 4% from £1.69 billion.
