Boohoo boss braced for £50m bonus row

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Boohoo boss braced for £50m bonus row as share price soars in Covid-19 crisis

  • John Lyttle will receive the sum if he increases Boohoo’s value to £6bn by 2024
  • Boohoo’s valued has doubled to £4.8billion since Lyttle’s arrival in March 2019

By Neil Craven for The Mail on Sunday

Published: | Updated:

Online fashion phenomenon Boohoo has been criticised for a massive £50million bonus plan for its chief executive as its share price soars in the Covid-19 crisis.

John Lyttle will receive the huge sum if he increases the company’s value to around £6billion in a five-year period to March 2024.

But the lockdown has boosted online retailers, accelerating Boohoo’s share price growth – more than doubling its value to £4.8billion since Lyttle’s arrival in March 2019.

Fashionable: Online retailers such as Boohoo have prospered in lockdown

Ahead of Boohoo’s annual meeting on June 19, shareholder advisory group Glass Lewis has warned the company can expect a repeat of the ‘significant level of protest’ last year.

‘We remain concerned with the lack of information surrounding the specific concerns raised by shareholders,’ it added.

Boohoo said Lyttle was recruited from Primark due to his ‘track record of achieving enviable growth rates’ and the bonus plan yields nothing at less than 10 per cent growth a year.

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