Bonus for Wolfson chief despite loss

Published on Wednesday 10 March 2010 20:05

WOLFSON Microelectronics chief executive Mike Hickey was paid a bonus worth £146,000 for 2009 despite the company falling to its first full-year loss since prior to its 2003 flotation.

According to the company's annual report, Hickey, who became chief executive at the start of last year, was awarded a special cash bonus of 7.5 per cent of his basic salary for each quarter Wolfson's cash balance was higher than it was at the start of 2009.

Including his salary, bonus and additional benefits – which include travel costs between Edinburgh and his home in Winchester – Hickey's total pay package was worth 433,000.