BILL Dobbie, the founder of internet dating company Cupid saw his pay drop by two thirds in his final period as chief executive before stepping aside to become a non-executive director, the company's annual report has revealed.

His replacement as chief of the Edinburgh-based company, Phil Gripton, meanwhile picked up a £50,000 bonus after leading the company for just the final month of the financial year.

Cupid posted a pre-tax loss of £8 million for the year after a profit of £9.2m in 2012.

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Mr Dobbie took home £199,000 for the 11 months of 2013 that he ran the company, compared to £596,000 for the year before.

The period saw the company battered by allegations about the way it sold services and its share price assailed by short-sellers.

In July it sold its controversial casual dating services to Mr Dobbie's co-founder, Max Polyakov.

Mr Gripton was promoted to the top job in December. He brought in new staffers, refocused the company on its core markets and sought to improve customer service in what he said was a "new era" for the firm.

He had been hired a year earlier as managing director of its dating services division, which includes the likes of Uniform Dating.

For December 2013 only Mr Gripton received a salary of £18,750, benefits of £1,300 and a £50,000 bonus, taking his total remuneration to just over £70,000.

The average number of people employed by the company fell from 590 to 508 during the year with reductions in all divisions.