Johnston Press chief Tim Bowdler paid £1.09m

by Paul McNally, Brand Republic 20-Mar-08, 14:00

LONDON - Johnston Press chief executive Tim Bowdler received more than £1m in salary, taxable benefits and performance-related bonuses last year, the regional newspaper publisher has revealed.

In its 2007 annual report, published today, the Scotsman and Yorkshire Post publisher confirmed Bowdler's basic salary last year was £556,000. His pay packet rose a further 3% at the beginning of this year to £573,000.

The chief executive, who is planning to retire next year after 15 years in charge, also received £16,000 in taxable benefits -- thought to include a car and private medical insurance.

The rest of Bowdler's £1.09m take-home pay last year came from performance-related bonuses, which totalled £516,000 -- a 93% increase on his basic salary.

Johnston Press also confirmed today that Bowdler holds 143,617 share options at 470p each -- a premium of more than three times the company's current 130p share price, and worth around £675,000.

The publisher, which owns 320 newspapers and a similar number of websites, posted a 4.6% fall in profits in 2007. The group made a £178.1m profit on revenue up 0.9 per cent to £607.5m.

Like many publicly listed media companies, Johnston Press's share price has taken a battering over the past year. In April 2007, the publisher's 490p share price gave it a market capitalisation of around £1.4bn. Today, it has fallen to £373m.

It is understood the Johnston Press board has contacted headhunters to begin the search for a new chief executive. Bowdler is looking to step down next summer, which will coincide with his 62nd birthday.