Kingfisher bosses in line for a bumper payout in shares
Ian Cheshire, B&Q owner Kingfisher's chief executive, is in line for a share bonus of more than £6m and said he wants to run Europe's biggest DIY retail group for another five years.
He, and his top team, are set for a bumper payout in shares after Kingfisher said it expected to meet the City's full-year profit forecasts of nearly £800m, following profit progress in its fourth quarter.
Kingfisher, which has 950 stores in eight countries, also unveiled a management reshuffle that gave pointers to its long-term succession planning.
Mr Cheshire said: "I am completely committed to the next phase and that looks like a five-year programme and it starts here."
His comments are likely to be well-received by investors, as Kingfisher's market capitalisation was around £3bn when he took the helm in January 2008, compared with £6.57bn yesterday.
Mr Cheshire is in line to receive £6.1m – based on yesterday's share price – after Kingfisher surpassed its performance share plan's two main targets relating to earnings per share and total shareholder return over the four years to 28 January.
Peter Hogsted, Kingfisher's international chief, is to leave later in the year, while Philippe Tible, chief executive of Kingfisher France, Euan Sutherland, current head of the UK and Ireland operation, and Kevin O'Byrne, group finance director, will get either new roles or fresh responsibilities.
Mr Tible becomes divisional chief executive of Castorama and Brico Depot, Mr Sutherland takes the role of chief operating officer and Mr O'Byrne is the new divisional head of B&Q.
Group sales rose 2.2 per cent to £2.36bn in its fourth quarter, with the City forecasting full-year adjusted profits of £799m.
B&Q's UK revenues rose by 0.2 per cent to £837m, boosted by new stores, although they fell 2.5 per cent on a like-for-like basis.
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