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Asos bosses waive annual bonuses

By Prachi Singh

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For the first time in the last four years, Asos bosses were not paid their bonuses since the business failed to achieve its set targets despite rise in pre-tax profits, reports The Telegraph.

Though the company’s annual pre-tax profits rose by 28 percent to 102 million pounds, the company said in its annual report that its “very stretching” target of exceeding that figure had not been met.

“Whilst the business performed well as a whole during the year, this PBT threshold was not exceeded. As a result, no bonus award has been made to the CEO, CFO or any other employee for the period to 31 August 2018.” the company added.

The report further added that Nick Beighton, who took over as the company’s CEO from founder Nick ­Robertson in 2015, had to forgo bonuses and had his base salary frozen at 565,000 pounds.

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