Executives at tool and equipment hire group Speedy Hire Plc, the U.K.’s largest rental company, received no bonuses and saw their total pay packages fall sharply last year, according to Crain’s Manchester Business. Chief executive Steve Corcoran’s pay fell by 44 percent to £352,000 (about U.S. $577,000), from £638,000 in fiscal 2008, when he received a substantial bonus payment.
The pay of commercial director Mike McGrath dropped from £415,000 to £230,000, CMB reported, and other Speedy executives’ compensation dropped as well.
Speedy recently secured shareholder approval for a £100 million rights issue to pay down about 40 percent of its newly refinanced borrowings.
