Three profit warnings… but French passport boss paid £2.4m

THE boss of the Franco-Dutch company picked to make Britain’s postBrexit passports was paid £2.4million last year – more than twice as much as his counterpart at the rival UK firm.

Despite Gemalto, the government’s preferred bidder for producing new blue passports, admitting to being ‘outpaced’ in ‘the most difficult year in its history’, French boss Philippe Vallée took home nearly 2.8million euros (£2.4million). At the same time, the company had to issue three profit warnings.

Mr Vallee’s pay included a bonus of £357,000, ‘incentive payments’ of £936,000 and benefits including pension payments of £480,000.

In comparison, De La Rue chief Martin Sutherland was paid £899,000 last year. More than 329,000 people have signed the Daily Mail’s petition to reverse the decision to give Gemalto the £490million contract.

De La Rue makes the UK’s current burgundy passports and up to 200 jobs at its factory in Gateshead are at risk. It is considering taking the Home Office to court over the decision to outsource passport making abroad and has until Tuesday to lodge a challenge.

It is believed to be considering challenging the decision on the grounds Gemalto have knowingly bid under cost price.

Details of Mr Vallée’s salary are contained within Gemalto’s annual report, in which chairman Alex Mandl claims 2017 was ‘the most difficult year’ in the compa