Incoming Cook boss sees shareholder revolt on pay

Incoming Cook boss sees shareholder revolt on pay

New Thomas Cook chief executive Harriet Green will depart her former company Premier Farnell with a less-than-ringing endorsement from shareholders following the company's annual general meeting on Tuesday.

Shareholders holding almost one third of Premier Farnell stock voted against the company's remuneration report at the meeting.

The report was passed, but the electronic components company reported that stockholders with 32% of shares opposed the pay-outs in the latest of a series of revolts over executive pay by shareholders.

Premier Farnell's share price lost 42% of its value in the year to early June after the company issued a profit warning in July last year.

That was the same month in which Thomas Cook issued the third of the profit warnings that triggered the departure of chief executive Manny Fontenla-Novoa.

Green is due to take over as Thomas Cook group chief executive on July 30 as the replacement for Fontenla-Novoa.

Sam Weihagen has acted as interim chief executive since Fontenla-Novoa's departure and through the search for a replacement.

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