Kingfisher chief's £2.2m in first year

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The Independent Online

Gerry Murphy, the chief executive of Kingfisher, racked up a total of £2.2m during his first 12 months running Europe's biggest do-it-yourself retailer.

Gerry Murphy, the chief executive of Kingfisher, racked up a total of £2.2m during his first 12 months running Europe's biggest do-it-yourself retailer.

The payment, disclosed yesterday in the company's annual report, comprised £1.6m in cash and £640,000 in shares, which Mr Murphy is not allowed to cash until 2006.

The report also revealed that Kingfisher had introduced "phased" termination payments for Mr Murphy, Ian Cheshire, who heads its overseas arm, and Duncan Tatton-Brown, its group finance director, in an attempt to cap its potential liability in the event that it sacks a member of its executive board.

If one of the trio is sacked, they will receive 15 per cent of their annual salary in compensation on a monthly basis for up to 12 months, or until they find a new job. A worst-case scenario could see Kingfisher pay out a total of 22 months' salary over a year.

The company paid Helen Weir, its former finance director, £814,000 last year. Bill Whiting, who has a part-time role, received £925,000.

The report also showed that Kingfisher awarded its executive directors a 3 per cent pay rise last August, in line with the increases awarded to its UK-based management, administrative and store staff. This took Mr Murphy's base salary to £825,000, while Mr Cheshire received £330,000 and Mr Duncan Tatton-Brown, £300,000.

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