Wolseley bosses take pay cuts
13 April 2012
THE three highest-paid directors of Wolseley took pay cuts last year - even though the builders' merchant and owner of Plumb Center reported record profits and its share price soared.
American-born chief executive Charlie Banks, who has led Wolseley's revival, pocketed £1.4m, including a £565,000 bonus, slightly down on the previous year.
Two US-based directors took home significantly less, according to accounts just filed.
Wolseley, which rejoined the FTSE 100 index last year, made £426m in the year to July, up 4% on 2002. The shares have almost trebled to 723 1/4p since Banks took charge in 2001.
