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While Operating Profits Fell 14%, Intercontinental Hotels
 Chief Executive Andy Cosslett's Pay Almost Doubles

Evening Standard, LondonMcClatchy-Tribune Business News

Mar. 21, 2007 - Intercontinental Hotels Group chief executive Andy Cosslett's total pay almost doubled last year, even though operating profits at the Holiday Inns and Crowne Plaza hotels owner fell 14 percent.

Cosslett, 51, had his remuneration lifted from £663,000 to £1.27 million, made up of basic pay of £688,000, bonuses of £549,000 and perks worth £31,000.

He also had £300,000 put into his pension pot to raise its value to £43,800 a year. He was awarded share options worth £1.2 million under a short-term incentive scheme. The pay package of Richard Hartman, president of the IHG's European, Middle East and African business, soared from £798,000 t £1 million.

Group non-executive chairman David Webster's pay dropped from £522,000 to £354,000, but will go up to £390,000 in the current year.

Webster is best-known for overseeing the ousting of Richard North, Cosslett's predecessor as chief executive, three years ago.


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Copyright (c) 2007, Evening Standard, London

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