Michael Page chief earns 2.1m bonus

Terry Benson, chief executive of Michael Page, the recruitment consultancy to be floated on the London Stock Exchange next month, earned 2.4m (€3.77m) last year, one of the fattest corporate pay packets.

Benson's pay was made up of his basic salary of 300,000, plus a 2.1m bonus for performance. From next year, when his company will be publicly listed, his bonus will be restricted to a maximum 300,000, but the company will be able to make it up to him through share options.

His pay last year is understood to have risen by 43% on what he earned the year before.

Michael Page is due to float on the stock market next month when it is expected to be valued at between 712.5m and 937.5m. When Spherion unveiled plans to float Michael Page last November, however, the company was expected to be valued at between 800m and 1bn. The price range for the company will be 190p to 250p.

Analysts are forecasting that Michael Page, which was publicly listed from 1983 to 1997, will grow earnings by more than 50% next year to around 16.6p per share.