Just chief executive Rodney Cook was given a pay package worth £2.6 million in the 18 month period ending 31 December 2016.
Cook was chief executive of Just Retirement when it merged with fellow specialist annuity provider Partnership. The new company recently changed its name from JRP Group to Just.
Just’s annual report for the year ending 31 December 2016 reveals Cook and chief financial officer Simon Thomas received a pay rise of 5% following the merger.
‘Remuneration practices in 2016 were focused primarily on reviewing the remuneration policy for the merged group, reviewing the remuneration arrangements of the executives of the merged group and our variable pay plans,’ the report said.
The report added that executive salaries would be kept under review in light of the new size of the company.
‘The salaries of Rodney Cook and Simon Thomas remain below the committee’s assessment of a competitive level for their current roles and
below the level of their counterparts previously at Partnership and the committee will keep these under review with a view, subject to ongoing performance, to moving them to a market position over time,’ it said.
Cook took home a basic salary of £892,000 over an 18 month period ending 31 December 2016. He received a short-term bonus worth £877,000, with a further £437,000 receive in a short-term share bonus which will vest in value in three years. Cook also collected a long-term incentive plan bonus of £258,000 and other benefits worth £164,000.
In total Cook collected a £2.6 million pay package over the 18 month period, compared to a package worth £1.4 million in a 12 month period ending 30 June 2015.
Just said Cook’s package for the most recent 18 months could be broken down into £760,000 in the period 1 July to 31 December 2015, and £1.9 million in the period from 1 January to 31 December 2016.
Thomas received a pay package worth £1.8 million in the 18 months ending 31 December 2016, including a basic salary of £523,000.
Source: City Wire