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4.2m Package for Ian Cheshire

Ian Cheshire, the chief executive of DIY group Kingfisher, was awarded pay and shares worth up to £4.2m in the year to January 29.

Details of the pay package are contained in Kingfisher's annual report, which showed Mr Cheshire, 51, received base salary, cash bonus and other benefits of £1.97m, and was given shares worth £455,872 under the Kingfisher Incentive Scheme (KIS).

On top of this he was awarded 663,360 shares under the B&Q-owner's Performance Share Plan (PSP). At yesterday's share price they were worth £1.82m. In total the package is worth up to £4.2m.

A Kingfisher spokesman said that the KIS shares will not vest until April 2014, and that the PSP shares will only be awarded if certain earnings per share and total shareholder return targets are met.

On top of this, Mr Cheshire has a pension which had a transfer value of £549,000 at the end of Kingfisher's financial year.
Despite the substantial size of Mr Cheshire's pay package, it was actually lower than preceding year's payout.

Source : James Hall -

05 May 2011
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