P&O Ferries CEO Peter Hebblethwaite to Leave Amid Governance Controversy

Strategic Insights -

The chief executive of P&O Ferries, Peter Hebblethwaite, is stepping down after facing widespread criticism for sacking nearly 800 workers and replacing them with low-paid agency staff. Hebblethwaite's departure comes as the company navigates governance issues, including twice failing to publish its annual accounts on time. The ferry operator has faced allegations of operating unfairly and exploiting its workers, with some employees receiving hourly rates as low as £4.87.

Key Takeaways:

  • Peter Hebblethwaite, described as "Britain's most hated boss," is leaving P&O Ferries after four years as CEO.
  • The company faced widespread criticism for dismissing nearly 800 workers and replacing them with low-paid agency staff, who earned significantly less than the UK minimum wage.
  • P&O Ferries failed to publish its annual accounts on time twice, with the 2022 accounts being published 11 months late in November 2023.
  • The company spent £47m on dismissing its UK seafarers in 2022, according to its 2023 annual accounts.
  • Hebblethwaite was paid £683,000 in the financial year after the sackings, a pay rise of at least 55% that included a £183,000 bonus.
  • Some P&O seafarers earned as little as £4.87 an hour, with the company initially denying this rate.
  • New legislation in the UK and France became active last year, affecting pay rates for maritime workers.
  • P&O Ferries transported 4.6 million passengers in 2023, a 45% reduction from 8.4 million in 2018.
  • The company lost £91.4m before tax in 2023, a significant improvement from £249.4m losses in 2022.

Statistics:

  • 787 workers were sacked by P&O Ferries in 2022.
  • The company spent £47m on dismissing its UK seafarers in 2022.
  • Hebblethwaite was paid £683,000 in the financial year after the sackings, a pay rise of at least 55% that included a £183,000 bonus.
  • Some P&O seafarers earned as little as £4.87 an hour.
  • The company lost £91.4m before tax in 2023.
  • P&O Ferries transported 4.6 million passengers in 2023, a 45% reduction from 8.4 million in 2018.

Sources:

  • "Peter Hebblethwaite to leave P&O Ferries amid governance controversy" by Sky News.
  • "P&O Ferries spent £47m on jettisoning UK seafarers" by The Guardian.
  • "P&O Ferries' £683,000 pay to Hebblethwaite was 'not a decision that everybody would have made'" by The Guardian.
  • "P&O Ferries transported 4.6 million passengers in 2023" by The Guardian.