THE chief executive of John Menzies has received a £45,000 bonus for his first three months in the post.

The figure Jeremy Stafford got is revealed in the company's annual report for its 2014 financial year and is because the company's distribution arm hit profit targets while he also personally achieved a high percentage score in unspecified key result areas.

Menzies saw pre-tax profits in the year slide from £42.1m to £25.7m on problems in its aviation ground handling business and currency fluctuations while revenue was flat at £2 billion.

The report shows Mr Stafford, who started at Menzies in October and is a former Serco executive, will get an annual salary of £400,000. He received £99,000 basic salary during 2014 along with benefits worth £3,000 and pension payments worth £20,000.

The document also outlines the former head of the aviation arm of John Menzies saw his pay fall from £1.2 million to £725,000 during the year he left the company's board.

Craig Smyth resigned as managing director of Menzies Aviation in August last year before stepping down from the board in early November.

The remuneration report states Mr Smyth saw a reduction in his basic salary from £323,000 to £281,000 while his annual bonus slipped from £150,000 to £0 in 2014. He also received lower sums through long-term incentive plans than in the prior year.

Finance director Paula Bell saw her remuneration reach £549,000 in her first full year in the job, which included a bonus of £155,000 and basic salary of £316,000.

Chairman Iain Napier received a fee of £186,000 with other non-executive directors paid a basic fee of £40,000.

David McIntosh, the former head of the Menzies Distribution business, was paid £496,000 in the year, down from £608,000.

Mr McIntosh had announced he planned to step down in January last year. Like Mr Smyth he is believed to have had a 52-week notice period.