Irish boss of Boohoo could be in line for £50m bonus

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Irish boss of Boohoo could be in line for £50m bonus
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Irish boss could be in line for £50m bonus as online retailer Boohoo lowers incentive payout targets for executives trying to revive business's fortunes

Boohoo said in a statement to the stock market that its market value had significantly decreased “against the background of the unique and unprecedented set of macroeconomic and market headwinds experienced over the last three years”.This was “despite the strong efforts of Boohoo’s executive and senior management”.

Boohoo executives would start to receive initial payouts once the share price returned to 95p, close to the level it was at in February 2022. Previous plans, designed to grow the company and drive up its market value, were first introduced when Mr Lyttle took over as chief executive. Under these plans, he would have only earned a maximum £50 million bonus if the company had achieved a market value of £6 billion — more than 10 times its current level – by March 2024.

Mr Kamani, who remains the company’s largest shareholder, said “these are extremely ambitious targets in a changed world” and called it “absolutely the right thing to do to align the interests of the management team and all of our hardworking colleagues with those of all of our shareholders”.

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