Simon Cowell ‘didn’t give himself a salary’ in 2022 after ‘profit losses’ and axing staff at Syco-Rachael O'Connor-Entertainment – Metro

Simon Cowell reportedly did not take a salary form his company Syco in 2022 (Picture: Getty Images)

Simon Cowell seemingly did not take a salary in 2022 as his company suffered losses.

The music mogul, 63, downsized multi-million pound company Syco in January last year after reportedly suffering a loss in profits.

A total of 19 staff lost their jobs at the company as profits seemingly slumped from £31.8 million to £2.27 million, with Simon announcing in January that he would be downsizing the company.

He was said at the time to want to focus on his family following his engagement to Lauren Silverman, and to be around for his son Eric, eight.

Now The Mirror reports that Syco boss Simon did not give himself a salary last year after the drop in profits.

And while the company is suffering losses, it actually increased in value by £4 million, with its value currently sitting at £83.16 million.

It was said at the time that Simon was downsizing the company to focus on his fiancée Lauren and their son Eric (Picture: AP)

It comes after a dividend of £45.35 million was paid out of the accounts in 2021.

A production source who worked closely with Simon and his Syco staff told Metro.co.uk in January 2022 that the CEO ‘expects people to work hard but those people leaving [Syco] will be the very best in the business.’

Meanwhile a source told The Sun: ‘Simon has reached a time in his life when he doesn’t want the stress of running a global empire and so has made the difficult decision to wind down Syco.

The company launched the careers of some massive names, including X Factor stars One Direction (Picture: Getty Images)

‘Obviously everyone involved, including Simon, is very sad. It really is the end of an era.

‘Simon made this decision with a heavy heart but after much deliberation he had to do what is best for him and his family.

‘Running his business internationally – especially during the pandemic and since his bike accident – has become exhausting and understandably Simon now wants to focus on other things, and particularly his family.’

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Simon and Syco launched the careers of global stars via The X Factor, including the likes of Leona Lewis and One Direction.

Metro.co.uk has contacted reps for Simon Cowell for comment.

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