Burberry Group PLC (LSE:BRBY) chief executive Jonathan Akeroyd received zero annual bonuses last year due to the British luxury label's poor performance.
An annual remuneration report published late on Thursday stated: “The Committee judged that progress was made on refining our brand image, evolving our product and strengthening distribution, resulting in some of the strategic objectives being partially met.
“However, in light of the business performance and broader shareholder experience, the Committee and Jonathan Akeroyd agreed that it would not be appropriate for him to receive an annual bonus for FY 2023/24.”
Chief finance officer Kate Berry received a £121,500 bonus, representing 9% of her maximum potential reward.
Burberry’s profits dropped 34% in the year to 31 March amid a backdrop of plummeting luxury demand.
Despite announcing cost-saving measures, analysts remain lukewarm on Burberry’s prospects in the current financial year.
Akeroyd’s total earnings for the year, excluding potential share plan incentives, came to £1.19 million.
Burberry shares have been slashed in half over the past 12 months and dipped a further 1.4% this Friday.