DMGT ignores recession with bumper pay packages
The Daily Mail and General Trust (DMGT) gave Chris Tarrant some serious competition in the millionaire creation stakes last year it seems after the group’s annual report revealed it had dished out sums of £1m plus to six of its directors.
DMGT’s Viscount Rothermere and chief executive Kevin Beatty, were amongst the recipients of seven digits, despite seeing their overall remuneration dip slightly from 2009.
Rothermere earned a basic salary of £688k over the year and pocketed a bonus of £337k whilst Beatty claimed a salary of £628k with a £188k bonus.
High flying Beatty in particular will be toasting his welling bank balance after assiduously working his way up the ranks from his early career working as commercial director for the Scottish Daily Record and Sunday Mail.
Both had to endure relative penury however when their income is compared to the eye watering package secured by Padraic Fallon, the chairman of DMGT-owned Euromoney Institutional Investor. Fallon raked in £4.66m over the 12 month accounting period, making him a popular fellow at DMGT’s Christmas party.
Also enjoying a very Merry Christmas were Martin Morgan, chief executive of DMGT; Peter Williams, the company's outgoing finance director; and Daily Mail editor Paul Dacre.
The hefty pay packets follow DMGT posting pre tax profits of £146.3m, fuelled by a cost cutting drive and the strong performance of the Daily Mail and Metro.