THE WHAT? Matthew Moulding is set to receive one of the biggest pay-outs in UK corporate history, receiving £830 million in shares as his e-commerce retail business THG hit valuation targets following its stock market flotation.
THE DETAILS Moulding, who owns 20 percent of the British-based, global business, will also receive £750,000 annual salary, which he has pledged to donate to charity.
Other THG executives will also receive huge payouts from hitting value targets, such as finance director John Gallemore and commercial director Steven Whitehead.
A THG spokesperson said, “We are delighted with the market reaction to our IPO and that all of our shareholders are benefiting from the strong performance of the business.”
THE WHY? Discussing the journey to the stock floatation, the spokesperson continued, “The equity scheme was put in place when THG was a private company, and we are delighted that over 200 THG staff have already shared in the scheme, worth around £200m today.”
Industry insiders have raised concern about the amount, however, with Luke Hildyard, Director of campaign group the High Pay Centre, stating, ” This looks like a gross overpayment for short-term share price increases and highlights the litany of corporate governance abuses associated with The Hut Group.
‘While the company has been celebrated as a British tech success story, these arrangements are far beyond what anybody could consider a fair and proportionate reward for success.’