Struggling QinetiQ pays CEO bonus

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THE chief executive officer of defence giant QinetiQ, which has a base at Haslar, Gosport, risks angering his staff after receiving an increased bonus just a year after laying off 700 employees.

Leo Quinn was paid £1.33m in the year to March, according to the firm’s annual report. He was paid £887,000 a year earlier.

He has seen his bonus increased to 50 per cent of his £580,000 basic salary after steering his firm through a restructuring which was completed a year ahead of schedule.

It included the redundancies and a re-financing package to wipe out £200m of debt, help growth, and weather defence spending cuts in both the UK and the US.

He has asked that his basic salary not be increased for the next financial year.