Ex. B&Q boss received £2m severance package

Kevin O'Byrne, the previous CEO of B&Q, who left his position in May 2015, received more than £2m in salary and bonuses as part of his severance package.

Read our original news story 'Kevin O'Byrne's departure from Kingfisher confirmed' here.

The detail of the deal is provided within the Kingfisher annual report due to be circulated to shareholders later this month. Kevin's package included £76,745 a month in salary while he was on gardening leave, £300,000 in shares as part of the Kingfisher executive bonus scheme and shares worth an estimated £676,268 relating to the company’s long-term performance. He also received a contribution of £12,000 towards legal fees.

This news is unlikely to go down well with B&Q store staff, many of whom were required to sign new contracts reducing their original pay packages at the same time as the National Living Wage was introduced on 1st April.

As a result, more than 135,000 people signed a petition requesting that B&Q re-considered their position and last week, the retailer responded with an enhanced compensation package, meaning that no-one will be negatively affected for the next two years.

More detail on the enhanced package 'B&Q extends compensation period to staff affected by wage changes' here.

Source: Insight DIY Team