The board of asset manager St. James’s Place has cancelled a £456,700 bonus planned for its former chief executive for 2023 after the FTSE 100 company was embroiled in controversy in his final months in the role.

Andrew Croft would have earned an annual bonus of 81 percent of his base salary of £563,862, but the company’s remuneration committee cancelled the payment, according to the latest annual report.

The committee cited “the significant overall responsibility for corporate performance that comes with the role of CEO.” The Times was the first to report on the incident.

Share awards worth up to around £450,000 awarded to Croft in 2021, which were linked to three-year performance targets, were also not paid out because St James’s Place did not meet the scheme’s criteria.

The news comes after St James’s Place, the UK’s largest asset manager, recently suffered a severe hit to its future profitability due to excessive fees.

After the Cirencester-based company was forced to change its fee structure in July and October due to regulatory pressure, the company’s shares plummeted, losing 38 percent over the past year.

Mark FitzPatrick took over from Croft in December, but his tenure was soon marked by a further decline in the share price.

In February, investors were shocked when the company reported an after-tax loss and cut its dividend after setting aside £426 million to refund customers following a flood of historic complaints.

In total, Croft’s salary package for the 11 months leading up to his resignation at the end of November was £695,545, compared to the £3.1 million he earned for 2022.

Chief Financial Officer Craig Gentle, who is still in the post, was also entitled to an annual bonus of 81 percent of his salary, but this was cut to 39 percent, equivalent to a payout of £173,632.

Croft joined St. James’s Place in 1993 and became its CEO in 2018.