New N Brown chief could earn £4m in 3 years

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The Independent Online

Angela Spindler, the new chief executive of N Brown, has been awarded a "golden hello" that could boost her total earnings to almost £4m over the next three years.

She joins the home shopping company in July after leaving the same role at The Original Factory Shop, the discount retailer, to replace Alan White, who is retiring.

A large chunk of the £3.84m she could pocket by 2016 is to compensate her for forfeited rewards at the discount retailer, notably shares left on the table.

Golden hellos have become controversial over recent years as unlike long-term incentive plans (L-tips) they are not typically based on performance, and reward executives for jumping ship.

N Brown said she is entitled to receive "two one-off share awards". The first is up to 100 per cent of her undisclosed salary over two years and the second is as much as 200 per cent over three years, with the latter subject to the "achievement of strategic objectives". Based on Mr White's previous salary of £542,000, Ms Spindler, pictured, could receive a golden hello of £1.63m. In addition, she could pocket a pro rata bonus of £508,125 – equal to 125 per cent of her salary – for this financial year, with the conditions for her participation in the L-tip from April to be decided once she joins.