Greene King revises directors' targets down

Earnings per share growth targets for Greene King executive directors in the coming year have been reduced in "in the light of the current challenging market conditions".

Greene King consulted with a number of its major institutional shareholders about targets for its long-term incentive award package for executive directors. As a result the earnings per share growth range will be changed from Retail Price Index plus 4-10% to Retail Price Index plus 3-8% for awards to be granted during 2008/9.

The changes come as Greene King's annual report shows executive directors earned wildly differently bonuses - they were entitled to earn 100% of their basic salary if they met individually set targets.

Chief executive Rooney Anand earned a bonus of £300,000, 67% of his £471,000 basic salary. Finance director Ian Bull earned a bonus of 175,000, 56% of his £312,000 basic salary.

Jonathan Lawson, who runs the local pubs managed division, earned a bonus of £100,000, 49% of his £204,000 basic salary. David Elliott, who runs the company's tenanted division, earned a bonus of £51,000,18% of his basic salary of £271,000.

Justin Adams, who is charge of the brewing company earned a bonus of £44,000, which is 18% of his basic salary of £236,000.

Anand also earned £40,000 as a non-executive director of Drive Assist Holdings, where he joined the board in September 2007.

The 2008 accounts are the first full-year accounts since the departure of Mark Angela as boss of the managed division. The managed division was split into two, with Jonathan Webster joining from Hardys and Hansons as boss of the food-led segment of Greene King's managed division.

Previously, Angela's basic salary was in line with his tenanted counterpart, Elliott. Lawson, who joined from Sainsbury's, earned a total of £369,000 thanks to cash benefits including a "disturbance allowance" of £27,000 and non-cash benefits, including relocation expenses, of £38,000.