Car dealer group Inchcape has dramatically improved the salary of its newly appointed chairman compared with the previous chair, according to the Daily Telegraph.
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Peter Johnson, who replaced John Egan as chairman of the company on New Year’s Day, will be paid 80% more than his predecessor.
Inchcape told the Telegraph that Johnson will be paid GBP275,000 a year, well ahead of the GBP152,500 which was paid to Egan, a former Jaguar chairman, in 2004.
An Inchcape spokesman told the paper that the higher salary was justified because Johnson will take on a “more hands-on role at the company” by forming a bridging role to manufacturers.
He reportedly added: “It is all about managing the relationship with the manufacturers. Peter had a role in that relationship as chief executive and he did not want to walk away from it.”
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By GlobalDataInchcape did not return phone calls from just-auto seeking comment.
