The chairman of Johnston Press has defended chief executive Ashley Highfield’s pay rise at the company’s annual general meeting.
Ian Russell, left, told shareholders in Edinburgh 7.5pc salary rise was his first in three years and the group’s staff had received four pay rises in the same period.
Glasgow-based daily The Herald reported Ian as saying there had been two “one-off reasons” for Ashley’s own rise.
He said: “A significant proportion of that one-off remuneration was as a result of the more than doubling of the share price, and the other was the refinancing which substantially reduced our debt and gave us scope to invest in the business. Ashley and the senior team benefited as a result of that achievement.”
Ian added editorial staff had received salary increases over the past four years totalling around 7pc, “which is the same increase Ashley has had.”
April’s annual report revealed JP saved £13.8m in 2014, largely through “headcount reductions” with the number of people working for the company in 2014 decreasing from 3,728 to 3,242 – a drop of 486.
Laura Davidson, the NUJ’s national organiser for newspapers, told Wednesday’s meeting the union was concerned that non-staff freelances were not currently paid the equivalent of the living wage, and called for JP to commit to being a living wage employer.
Ian said senior executives would meet the NUJ after the meeting to discuss the issues.
The resuts of the AGM can be read here.
Johnston Press has declined to comment on The Herald’s story. It announced last week that more than 300 staff would be received pay increases totalling £500,000.
Sign up for our free daily email bulletin
Follow HTFP on Twitter
Got a story? Email the Editor at
If the share price has doubled I must have missed that, and my bank balance misses it as well. The poor performance of the shares, after the refinancing and the share adjustment process, is the main JP talking point on the investment websites that take a passing interest in such stock (although it’s still pretty small fry to them). It’s obvious Highfield and his hand-picked top table are beginning to do well out of this. The remaining staff, the investors, big and small, the advertisers and the readers/web users, have yet to reap such lofty benefits.
Report this comment
“Ian Russell, left, told shareholders in Edinburgh 7.5pc salary rise was his first in three years and the group’s staff had received four pay rises in the same period.”
That’s just not true. I’ve had one payrise in 5 years.
Report this comment
I’d suggest Mr Russell has used “unparliamentary language” in his speech the the shareholders. Four pay rises in nine years is closer to the truth.
Report this comment
It’s called capitalism and we all buy in to it, so expect the rich to get richer and the poor to do all the work for not so little. Nothing will ever change, unless we abolish money and deal in stones….
Report this comment
two “one-off reasons” – genius
Report this comment
Nice one, Ash.
Report this comment
Ashley’s 7pc rise on his six-figures salary is ever so slightly more in monetary terms than 7pc on my paltry journo salary. The old lies, damned lies and statistics maxim…
Report this comment
Doubling of the share price? I’ve consulted the JP shares charts, and since the adjustment of last year when it dropped like a stone, the share graph seems to be as flat as the proverbial millpond. But then, I’m just a journo. I don’t understand finance as I never receive much of it.
Report this comment
Blatant lies. We go years without pay rises.
Report this comment
Demotivated, why exactly did you become a journalist? You must have known that the money is shite. Stop moaning and go and do something else.
Report this comment
Worrying that this guy doesn’t appear to know what he is talking about. Highfield is overpaid for what he has achieved (job losses, falling sales, worse quality)
Report this comment
Ashers and Ian . the laurel and hardy of the media world if this rubbish is any indicator.
Report this comment
3242 staff, and a £1.65m salary this year means that each member of staff has earned him £509 each
Report this comment
He needs to get an editorial grip – urgently!
Report this comment
divide the share price by 50 to get a true comparison with what it was before. Very low then and very low now.
City is not fooled.
Report this comment
Spot on ‘bear’. The share price was 156p at the last count, or in real terms 3.16p. Wow! Maybe that’s because JP are producing poor papers that don’t appeal to advertisers. Like lemmings headed for the cliffs, they just won’t be told.
Report this comment
It’s the Newsroom of the Suture. JP’s latest stitch-up.
Report this comment