Tui chiefs enjoy £13 million payout

Tui chiefs enjoy £13 million payout

Tui Group confirmed a £13 million payout to three of its top executives yesterday after announcing an underlying operating profit in excess of €1 billion last week.

Joint chief executive Peter Long will receive £7.8 million from a combination of the sale of shares allocated in 2012, a deferred annual bonus scheme and a performance share plan.

Long cashed in a total of almost 663,000 shares at a price of £11.73 following the results for the year to September 30.

Former chief financial officer Will Waggott, now head of Tui’s non-mainstream business, will see a £3.7 million pay-out from almost 319,000 shares.

Dave Burling, Tui Northern Region chief executive and a Tui executive director, will receive £1.3 million from more than 111,000 shares. Burling ran Tui UK and Ireland until May this year.

Fritz Joussen will take over as sole chief executive of Tui in February.

The bonus payout follows the creation of the Tui Group from the merger of Tui Travel and German-based Tui AG a year ago and 12 months during which the company “outperformed our earnings guidance”.

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