John Neill, the chief executive of Cowley-based logistics company Unipart, saw his pay package rise by 9.2 per cent last year, from £662,000 to £723,000.

According to the company's annual accounts for the year ending end December 31, 2004, he also saw his shareholding of ordinary 'A shares', valued at 40p each, rise from 509,000 to 1.62m.

He also owns 5,638,860 'ordinary D shares', similar to A shares but only available to him and to fellow director Tony Mourge, and 890,000 non-beneficial holding shares held by his family trust.

Spokesman Mark Howard said: "The figure from the Annual Review comprises Mr Neill's salary, benefits and annual bonus. This was agreed by a remuneration committee comprising external directors of the Unipart Group of Companies board. They ensure that it is consistent with market rates. The figure stated equates to his total remuneration, not just salary."

He added: "This year, UGC posted a sensational profit gain, 1,000 new jobs were created, and achieved an important milestone in our transformation. Mr Neill's increase reflects a 2.5 per cent increment over three years, at a time when senior executive salaries are growing very quickly."

The company, which in 2004 made £18m pre-tax profits on £1.1bn turnover, repaid debts of £17.5m, reducing the amount still outstanding to £39m. Staff's annual bonuses are based on the profits.

All the figures were due to be revealed at the company's annual meeting tonight (May 25). Unipart employs 9,000 people in UK, of whom about 1,200 work at the Cowley HQ.