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[June 14, 2014]
Director at online travel firm sees pay fall 16% [Herald, The (Scotland)]
(Herald, The (Scotland) Via Acquire Media NewsEdge) THE highest paid director at fast growing travel search engine Skyscanner has seen his remuneration fall more than 16 per cent in spite of a record year for the business.
According to accounts for Skyscanner Limited filed at Companies House, the total directors' remuneration fell 27 per cent from pound(s)642,000 to pound(s)467,000 The highest paid director received pound(s)206,626, which was down from pound(s)247,000.
The Edinburgh company actually saw its turnover almost double to pound(s)65.8 million in 2013.
Its pre-tax profits increase from pound(s)6.9 million to pound(s)17.1 million.
The total wage bill went from pound(s)7.3 million to pound(s)14.5 million as average staff numbers accelerated from 158 to 246.
The business has continued to hire people rapidly in recent months and has said it expects to be employing 600 by the end of this year.
To accommodate that it has opened a new Glasgow office and extended its Edinburgh headquarters. It also has sites in Miami, Barcelona, Singapore and Beijing.The annual accounts also show co- founder Bonamy Grimes and chairman Ray Nolan resigned as directors in September last year.
US venture capital giant Sequoia Capital, which has backed the likes of Google and Apple in the past, announced it had taken a stake in Skyscanner which valued the Scottish company at around pound(s)500 million early in October.
Sir Michael Moritz, from Sequoia and formerly a director at Yahoo and Google, and Skyscanner's chief operating officer Mark Logan were appointed to the board the same day Mr Grimes and Mr Nolan resigned.
New chairwoman Margaret Rice Jones was appointed in December.
Gareth Williams, one of the other co-founders along with Barry Smith, remains chief executive.
Mr Grimes is believed to still be working as a consultant at the company.
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