'Significantly lower' bonuses for Scardino and Makinson

'Significantly lower' bonuses for Scardino and Makinson

Former Pearson c.e.o. Marjorie Scardino earned £6.35m in her final year at the company and left with a gift of a painting worth up to £100,000, the company's annual report has revealed.

On her retirement from the company after 15 years, Scardino earned £6.35m in 2012, made up of pay, bonus, retirement benefits and long term awards. It is 28% less than the £8.88m she received in 2011, with her basic pay remaining the same at £993,000, but her bonus declining from £1.35m in 2011 to £432,000. She was also given a painting of lilies by artist Ivon Hitchens valued at between £50,000 and £100,000.

Penguin Group chairman and chief executive John Makinson made £2.1m in 2012, down from £3.3m the previous year. His base salary stood at £549,000, while his annual incentive was £238,000. He also earned £1.08m for long-term incentive.

David Arculus, chairman of Pearson's remuneration committee, said: "Annual incentives paid to executives for 2012 performance were significantly lower than for 2011, reflecting performance in a tough business environment and more challenging incentive targets."

Scardino still holds 1,925,435 shares in Pearson, worth almost £24m.

John Fallon has replaced Scardino as c.e.o.