by Rona Mackay
The chief executive of Johnston Press – which publishes, among others, the Scotsman and various local newspapers in Scotland – earned more than a million pounds last year.
The company’s annual report, published in the Press Gazette, says John Fry – who has signalled his intention to step down – had his salary frozen at £525,000, but made an additional £460,000 in performance-related bonus.
The report states: “Fry’s basic salary remained stable at £525,000 in 2010 – the fourth consecutive year of executive pay freezes at the company. However, this was topped up by a £460,000 performance-related bonus, up from £420,000 in 2009, split equally between cash and deferred share options. With a further £16,000 in taxable benefits, his total earnings for 2010 added up to £1.001 million.”
“The remuneration policy aims to attract, motivate and retain directors of the high calibre needed to maintain the group’s strong position in its local markets, to drive the future success of the business and to reward them for maximising and protecting the long-term value to shareholders.
“The company’s policy is that a substantial proportion of the remuneration of the executive directors should be performance-related.”
Fry, who became chief executive of Johnston Press two years ago, is to leave in 12 months’ time.