Moonpig chief’s £6.3million pay bonanza
Moonpig chief’s £6.3m wage bonanza: bumper bonus linked to card company float
Moonpig’s Harvard-educated boss made £6.3 million last year after receiving a bumper bonus tied to the company’s 2021 float.
The payout for Nickyl Raithatha, who has led the internet gift group since 2018, was more than the amount received by the CEOs of Britain’s largest banks.
His salary is close to £600,000, but he was paid a ‘legacy’ award of £5.6 million in cash and shares following the company’s listing.
Nice little earner: Moonpig’s boss’s salary is £600,000, but he’s bagged a £5.6m legacy award
This brought his total salary for the year to April 2023 to £6.3 million, including other benefits, pensions and a modest cash bonus – despite Moonpig’s disastrous time as a public company.
The group was valued at £1.2 billion when it went public at £3.50 per share. Now it’s worth around £560m and the shares are £1.65.
Revenues and profits have plummeted since the pandemic and the company is being targeted by short sellers.
Raithatha, 40, studied economics at Cambridge before doing an MBA at Harvard Business School.