Thomas Cook boss has bonus cut after revolt: Peter Fankhauser was set to be paid up to 225% of his salary

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Shareholder revolt: Peter Fankhauser has seen his bonus cut drastically

Thomas Cook was forced into a humbling U-turn on its boss's pay yesterday after a revolt by shareholders.

On a day when the travel agent revealed plans to raise summer holiday costs by around 10 per cent, almost a third of investors at its annual general meeting voted against a long-term incentive scheme for Swiss chief executive Peter Fankhauser.

It would have seen Fankhauser paid up to 225 per cent of his salary – currently £703,800 – with the 56-year-old pocketing £2.3million if he hit targets.

The move by 32.7 per cent of investors prompted Thomas Cook to water down its proposal, capping the scheme at 200 per cent of Fankhauser's salary. 

Fankhauser took home £1.2million in 2016, down from £4.2million in 2015.

Thomas Cook reported a 1 per cent rise in bookings across the group for the winter, and 9 per cent higher in the summer.

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