Severfield’s executive salaries kept at the same level as last year

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​STRUCTURAL steel group Severfield has set executive salaries at the same levels as last year following a management reshuffle.

The Thirsk-based company​ said it was able to secure the services of its new chief executive, Ian Lawson, and new chief operating officer, Ian Cochrane, on comparable salaries to their predecessors.

The structural steelwork fabricator, which has worked on Arsenal’s Emirates Stadium, the Shard skyscraper and the London 2012 Olympic stadium, axed its chief executive Tom Haughey​ last year. Severfield was forced to seek emergency funds after uncovering severe losses on contracts, most notably the Cheesegrater skyscraper in London.​

The group said that Mr Lawson received £146,000 in salary and £50,000 in bonus since he started work on November 1.

Mr Cochrane received £227,000 in salary and £169,000 in bonus. Mr Cochrane has been working for the company since June 2013.

Keith Elliott, chairman of the remuneration committee, said: “2013/14 was a difficult and transitional year.

“Performance problems on several major projects had seen the incumbent chief executive officer step down at the end of the previous year.

“We have returned to underlying profitability and the expectation of future growth and stability for next year and beyond.”

The performance targets set under the bonus plan were not met.

Bonuses will only be paid to Mr Cochrane whose performance target for UK profitability was met and to Mr Lawson whose personal objectives were met.