Investors in the UK based travel company Thomas Cook, were upset recently over the unveiling of executive pay.
The investors used a company shareholder meeting to hit out at the company, demanding to know why the former chief executive, Manny Fontenla-Novoa, received a payoff of £1.17m in spite of financial woes and profit warnings the company received last year.
Thomas cook was forced to shrink as a company last year, selling off some commercial property and reducing staff numbers, in a move to reduce the company's huge debts. The unveiling of executive pay against this back drop obviously upset shareholders, although current company bosses were quick to point out that the pay levels had been set by previous company executives and that current pay levels are in review at this time.
