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Next boss Lord Wolfson to give his £2.4m bonus to staff


Next boss Simon Wolfson is giving away a £2.4 million thank-you to his staff.

The Tory peer has decided to gift a bonus he was due to get this summer to employees for helping make the Enderby business a multi-billion-pound success.

In a note to staff, Lord Wolfson, pictured, said: "Instead of accepting this reward, I have asked the board if they will share it out between all the people who have worked for the company during the three-year qualifying period.

"You, and all employees who have been working at Next since June 2010, will be included.

"The sum in question is £2.4 million and will be shared in proportion to your annual salary.

"This works out at about 1 per cent of salary and will be paid, as a one-off bonus, with your July pay.

"I hope you will accept this additional bonus as a gesture of thanks and appreciation from the company, for the hard work and commitment you have given to Next over the past three years and through some very tough times. I remain very grateful for the way in which everyone has helped to navigate our business through this recession."

Lord Wolfson was due the windfall from a share-based incentive scheme.

Despite sacrificing the extra millions, the 45-year-old still earned £4.6 million in the year to January, including £3.5 million in performance-related bonuses.

He has overseen years of record profits at the retailer.

Following the announcement, one staff member tweeted: "Thanks, boss! It's a thoughtful gesture!"

Blaby MP Andrew Robathan, whose constituency includes the Next headquarters and Fosse Park store, said: "Simon Wolfson has a very good track record with Next and I'm delighted he has decided to make such a generous gesture.

"I applaud the fact he recognises the fact his success relies on other people's hard work."

Martin Traynor, managing director of Leicestershire Chamber of Commerce, said it was the first time he had heard of the boss of a major plc doing such a thing.

He said: "This is a very welcome initiative by Lord Wolfson, who clearly values his employees and I think this is an excellent example to many top-level chief executives.

"Next is out-performing the high street and the way he has run the company from day one has made a significant difference to its fortunes."

The chain has 540 stores in the UK and employs 3,500 people in Leicestershire.

Since June 2010, the company's value has risen by £3 billion to £7 billion, while the share price doubled from £21 to a recent record high of £44.35.

Next boss Lord Wolfson to give his  £2.4m bonus  to staff

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