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HRG Boss Terry Duddy has bonus halved

Terry Duddy, the chief executive of Argos-owner Home Retail Group, saw his bonus more than half last year after the retailer failed to meet its profit targets.

According to Home Retail's annual report, which was sent to shareholders yesterday, Mr Duddy's annual cash bonus fell from £615,000 last year to £301,000 in the year to February 26 2011.
Home Retail Group

A spokesman confirmed that the pay-out was slashed because the retail group, which also owns the Homebase chain, did not hit its profit targets. However the company did meet some of its cash-generation targets, leading to his £301,000 bonus.

Over the year to the end of February, Home Retail made pre-tax profits of £265.2m, down from £293m the year before. At the time of announcing its results Oliver Stocken, chairman, warned that "economic uncertainty and a low level of consumer confidence" were adversely impacting spending patterns.

In total, Mr Duddy took home £1.16m, down 20pc from the £1.47m he made the year before. His salary remained constant at £820,000. Home Retail shares, which traded at 228.8p a year ago, closed at 213.7p last night.

In its annual report, the company said: "Despite challenges in our markets, we've maintained our market share and multi-channel leadership position."

Source : The Telegraph.co.uk
www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8551088/Home-Retail-boss-Terry-Duddy-has-bonus-halved.html

02 June 2011
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