Harriet Green, who stepped down as chief executive officer of Thomas Cook Group Plc in November, has been awarded shares valued at about 5.6 million pounds ($8.8 million) by the travel operator.
Green will donate one-third of the money to charities chosen by the parents of two children who died in Corfu, Greece in 2006 while on holiday with the tour company.
Thomas Cook has been criticized over its treatment of the family after the deaths by carbon monoxide poisoning. The potential size of Green’s payout, which was related to her performance while running the company, had also come under scrutiny in the wake of the criticism.
While Green wasn’t CEO at the time of the deaths, she was in charge between 2012 and 2014, when the parents said the company had failed to engage with them.
Green could have received up to 7.1 million shares as part of a performance-related bonus linked to her turnaround of the travel company. Instead she will receive 4.1 million shares that will vest on Tuesday night.
“The number of shares vested is based on an assessment of business performance against several targets including share price,” Thomas Cook said in a statement. “During her two and a half years of service the share price rose from 16.25p (30 July 2012) to 136p (25 Nov 2014).”
The company added that the parents of the two children had “expressed their satisfaction” with the charity payment.