Tough year for Home Retail Group hits chief executive Terry Duddy in the pocket.
Terry Duddy, the chief executive of Homebase and Argos owner Home Retail Group, saw his pay fall by more than half in the year to February 28, 2009 as he missed out on a performance-related bonus.
Mr Duddy's pay decreased by more than £900,000 last year to £858,000 from £1.77m the previous year, according to Home Retail's annual report.
The cut reflects the fact that, over the year, like-for-like sales at Argos fell by 4.8%, while sales at Homebase dropped 10.2%, which amounted overall to a loss before tax of £394.2m compared with a profit of £426m the previous year.
No other directors have received bonuses and the company has frozen executive pay for the current financial year.