Belfast Telegraph

Boss of Domino's Pizza trebles his pay following shares deal

The boss of Domino's Pizza has more than trebled his pay packet after taking delivery of a bumper shares award.

Chief executive David Wild saw his total pay leap by £3.2 million to £4.5 million last year after the vesting of a £3.5 million long-term incentive plan (LTIP).

Mr Wild was handed 947,652 shares when he was hired by Domino's in 2014, which he could not access for a period of time and were subject to certain performance targets.

He secured a full pay out through the LTIP last year after these goals were met, including beating the target for underlying earnings per share, which grew to 69.8%.

But his bonus fell by £256,000 to £413,091 for 2016, after securing 81% of his maximum possible payout for meeting "the majority" of his personal performance targets.

His pay has been frozen at £510,000 until 2019, while his bonus was trimmed to 100% from 150% of his annual salary after shareholders approved a restructuring of his pay deal.

It comes after Domino's announced a sharp slowdown in sales growth earlier this month amid stiff competition and lacklustre demand for its Winter Survival deal.

Annual results showed like-for-like UK sales rose by 7.5% in 2016 - down around a third on the 11.7% growth seen the previous year.

Fears over the group's UK market were compounded as Domino's also said sales growth had slowed even further since, to 1.5% in the first nine weeks of 2017.

Its UK woes took the shine off results showing underlying pre-tax profits rising 17.1% to £85.7 million, with group-wide revenues up 13.8% at £360.6 million.