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Woolworths Pulls Chairman's Bonus after Storm of Criticism.
Knight Ridder/Tribune Business News, February, 2002
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 16--Woolworths averted a public relations disaster by revealing that chairman Gerald Corbett will not get a bonus this year.
Corbett, who could have received up to UKpound 187,500, would have met a storm of criticism after the dismal performance of Woolies since it was spun off from Kingfisher last August.
"The board and Gerald decided together that he would not receive a bonus," says the firm. The decision, taken on Tuesday, will be ratified by the board pay committee next month.
Perhaps Corbett is taking a leaf out of Luc Vandevelde's book, though the Marks & Spencer boss partially waived his bonus after - not before - a public outcry. Investors are angry about fat pay...
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