Bonus cut for Reckitt's chief

The boss of household products group Reckitt Benckiser saw his bonus fall by 26% last year after failing to hit the top end of his targets, it emerged today.

However, chief executive Bart Becht’s bonus still came in at £2.1m (€3m) and contributed to a total pay package of £3.6m (€5.3m), the firm’s annual report showed.

Although net income increased by 20% last year, the company behind brands such as Dettol, Harpic and Lemsip did not fully meet the same performance targets as in 2003.

As well as the £700,000 (€1m) drop in his bonus, Mr Becht’s basic salary fell to £811,000 (€1.2m) from £950,000 (€1.4m) previously. He also got £402,000 (€590,000) in pension contributions and £344,000 (€505,000) in benefits and other payments.

The 48-year old’s total remuneration package came in at £4.2m (€6.2m) in 2003 when the company substantially exceeded targets and he was rewarded with a bonus worth 360% of his basic salary – the maximum possible. Bonus payments are based on net revenue and net income growth.

Today’s report showed finance director Colin Day received a total package of £1.7m (€2.5m) against £1.4m (€2m) the year before.

This came after his bonus surged to £1.1m (€1.6m) from £870,000 (€1.3m) reflecting his “outstanding personal contribution” to Reckitt throughout the year.