Network Rail outgoing chief executive Iain Coucher will walk away with £1.25M in pay and bonuses for 2009/10, the rail infrastructure owner and operator said today.
The payment includes £613,000 for his salary plus a £348,184 annual incentive as well as £293,165 for last year from a three-year incentive plan.
The firm’s six executive directors received annual incentives totalling £1.3M. The board had cut the figure by 20% and also decided to freeze salaries.
Chairman Rick Haythornthwaite said this year’s bonus scheme would now be reviewed. “I have ordered a review of how we can better align executive remuneration with expectations of passengers and public,” he said. “As part of this review the views of our stakeholders and regulator will be sought and the scheme for 2010/11, suspended.”
Network Rail achieved 71% of targets set for it over the same period.