“Motability firm boss quits after news of £2.2m bonus”

Owl says: Bet May and her cronies HATE the National Audit Office!

“The boss of the business that leases cars to people with disabilities on behalf of the Motability charity is stepping down after it emerged he is set to receive a £2.2m bonus on top of his seven-figure salary.

Mike Betts, the chief executive of Motability Operations, came under fire earlier this year after MPs called his annual £1.7m pay package “totally unacceptable”.

A report by the government spending watchdog, the National Audit Office (NAO), published on Friday says as well as his “generous” remuneration, Betts is in line for a previously undisclosed performance bonus worth about £2.2m.

Following the report, Motability Operations announced that Betts would stand down from his position by May 2020, while the group’s chairman, Neil Johnson, would retire in April 2019.

In a statement, Motability Operations said: “After 16 years in the business, Motability Operations chief executive Mike Betts and the board of Motability Operations Group plc have agreed that, following the implementation of actions agreed as an outcome of the NAO review, and working to help the new chairman settle in, a suitable successor will be found, and Mike will step down from the board, no later than May 2020.

“The board is clear that recommendations made by the NAO will benefit from Mr Betts’ experience and skills to see them through.”

The Motability scheme enables disabled people to lease adapted cars using their enhanced mobility disability benefits – either disability living allowance or its successor, the personal independence payment. It currently helps about 614,000 people, many of whom would otherwise struggle to afford a vehicle.

The NAO is critical of the performance plan put in place for Betts and his fellow directors in 2008, saying that the targets meant to incentivise “excellent performance” were set at levels below what the company was achieving when the scheme was introduced.

The targets were “easily exceeded” and in the first seven years of the plan, five executive directors received “generous” remuneration of £15.3m in total, a near fourfold increase for what the NAO suggests was unexceptional performance. …”

https://www.theguardian.com/society/2018/dec/07/motability-firm-boss-to-get-22m-bonus-on-top-of-17m-salary

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