Two Centaur executives receive £20,000 bonuses each despite cutting staff by a fifth and failing to achieve financial targets
Despite making a fifth of its staff redundant in the last year and failing to achieve financial targets, Centaur Media has paid two executives bonuses of £20,000 each.
The Guardian reports that the magazine publisher which owns Marketing Week and Econsultancy, and which is set to merge New Media Age into the former title, making its editorial staff redundant in the process, paid its chief executive Geoff Wilmot a sum of £363,321 alongside a 2.5 per cent increase in his base salary.
A £20,000 cash bonus from the company was also paid to both Wilmot and financial director Mark Kerswell, who picked up £261,515, despite the company reportedly failing to reach financial targets and reducing its headcount by 119 to 507 before the end of June.
Further redundancies have since been made at the company following the announced merger of NMA and econsultancy, which was acquired this year for £12m.
As a result of last year’s job cuts, revenue per employee rose by £12,000 to £122,000.