Jamie Pherous, Corporate Travel Management feel pandemic squeeze
This Brisbane travel outfit has copped a $10.6m loss, been forced to make 1000 staff redundant and the executives have copped a hit – in the case of the boss, to the tune of one-third of his annual package.
City Beat
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No surprise that Jamie Pherous and his Corporate Travel Management have taken a wicked haircut from the pandemic squeeze.
The Brisbane outfit revealed on Wednesday that it had suffered a $10.6m loss in the last financial year, down from an $89.4m net profit in 2019.
The value of all transactions plummeted by 29 per cent but overseas corporate charters, car hire and government work kept cash coming in the door.
Despite more than 1000 staff redundancies, CTM said it had retained nearly all its clients and will increase its focus on domestic travel.
Like other senior executives, Pherous took a pay cut, with his remuneration package tumbling by a third to $436,010. Of course, he still controls more than 21 million shares, worth $285m at the close of trade.
The annual report shows the collective remuneration for other CTM top guns nosedived from $7.28m last year to just $2.62 in the year to June 30.
The biggest single loser was global chief operating officer Laura Ruffles, whose income went from nearly $2m to just $145,251 as long-term incentives dried up. Ouch!
