Whitbread boss refuses pay rise

23 May, 2012

Whitbread's chief executive Andy Harrison has turned down a 1.5% increase on his annual salary of £717,500.

Alongside Harrison, chief financial officer Chris Rogers has rejected the pay rise based on his salary of £504,700. 

Whitbread staff, including employees at high street coffee shop chain Costa, received a 2.25% rise in pay, as a remuneration committee decided the group's top 40 executives would be entitled to a 1.5% salary increase.

The group reported total revenue of £1.77bn, up 11.2%, in its financial results for the year to 1 March 2012, in addition to a 11.3% increase in underlying profit to £320.1m. Costa's underlying profits grew 38% to £69.7m in the past year and benefited from a 5.5% rise in like-for-like sales at its UK equity store.

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