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Bosses'pay plummets as pair see profits fall

NEWS

THE BOSSES of two firms that saw profits nosedive last year have paid for the poor performances with their pay packets.

Outgoing Mowlem chief executive Sir John Gains saw the amount he took home in 2004 drop nearly 20 per cent to just over £338,000.

None of Sir John's peers on the Mowlem board was paid a bonus after the firm saw pre-tax profits of £45 million in 2003 crash to a £15 million loss 12 months later.

In 2003, both Sir John and finance director Gerry Brown, who is also leaving the group, picked up more than £160,000 in bonuses.

New chief executive Simon Vivian, who joined the board last June, picked up £186,000.

And over at Alfred McAlpine chief executive Ian Grice also saw his take-home pay pegged back after pre-tax profits in 2004 were shredded from over £30 million to just £3 million.

Mr Grice saw his pay drop £47,000 to £416,000, which included an annual bonus that was more than halved from the £150,000 he received in 2003 to £73,000 last year.