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B&Q boss Ian Cheshire in line for 7.8m windfall

B&Q-owner Kingfisher is on track for a 20pc jump in annual profit, as chief executive Ian Cheshire's long-term bonus plan puts him in line for a bumper windfall worth as much as £7.8m.

Kingfisher has smashed targets set in 2008 under its four-year "delivering value" programme. This will see the Mr Cheshire receive shares under two schemes collectively worth £6.14m at today's prices.

He is also in line for an annual bonus of as much as £1.63m - double his basic salary - after Kingfisher said in a fourth-quarter trading statement yesterday that it is heading for a full-year profit of about £800m.

Strong sales in France, where Kingfisher owns Castorama and Brico Depot, made up for a decline in the UK and Ireland and saw group sales reach £2.36bn.

Cheshire unveiled a management reshuffle on Thursday which saw Euan Sutherland, UK chief executive, promoted to group chief operating officer, while Peter Hogsted, the respected international boss, is to leave the company.

Source : Nathalie Thomas – The Telegraph

17 February 2012
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