Majestic’s Gormley offers his shares bonus to employees

26 July, 2016

Majestic chief executive Rowan Gormley has requested for his bonus to be distributed to his staff, netting them a sum that could total more than £7m, equating to around £14,000 per employee.

Gormley, who took over the chief executive role last year when Majestic bought his firm Naked Wines, has turned down the shares offered to him as part of a long-term incentive plan; the shares were acquired through the sale of Naked Wines. 

Majestic has more than 493 employees, who will all share the bonus if targets are met.

Gormley has stated that Majestic is focused on its staff. “We are serious about aligning our people and our shareholders’ interests,” he explained. “We are focused on investing in our people to reward the delivery of sustainable growth in the whole Group.”

In June this year Majestic reported a 43.1% sales rise on the back of the purchase of Naked Wines, but profits fell 74.5% (year to March 2016) as a result of the acquisition. However, Majestic Retail’s like-for-like sales performance was up 4.8%, the first positive performance in four years.

Gormley stated the results marked a good start. “Early signs are that the plan is starting to work,” he said. Gormley’s goal for the business is to achieve £500m sales by 2019. 

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