New Cook bosses given shares incentive

New Cook bosses given shares incentive

The new chief executive and finance director of Thomas Cook have been granted more than 8 million shares as they start the turnaround process at the travel group.

Harriet Green, who took over in July, received 6.2 million shares worth more than £1 million.

Finance director Michael Healy, appointed following the resignation of Paul Hollingworth, has received a total of 2.5 million shares worth more than £437,000 since joining the group in July.

They will not gain control of the shares for three years and are subject to “stretching” performance targets being satisfied.

Just under half, or 45%, of the awards will be based on achieving share price targets. The remainder will be subject to financial performance goals being met, which will be aligned with a new strategic plan to be announced in spring 2013.

“The actual measures and targets will be determined after the announcement of the strategic plan and further consultation with shareholders,” Cook said.

The company said it consulted with its major shareholders and major governance bodies prior to making the awards.

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