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Home Retail Exec's in line for pay hikes despite profit drop

HOME Retail Group executives are in line for pay rises despite a tough year in which the company issued a profit warning.

The owner of Homebase and Argos proposed in its annual report that chief executive Terry Duddy and finance director Richard Ashton should receive raises.

Under the remuneration proposal, to be presented to shareholders on 30 June, Duddy would receive a 2.2 per cent basic salary rise from £820,000 to £838,000. Ashton’s basic salary would jump from £420,000 to £480,000. Other top executives would be in line for a 2.3 per cent rise, the report said.

However, with a series of target related bonuses, total packages could be four times their basic salary.

The company pointed to a pay freeze over the last three years as part of the reason for the planned rises for 2011/12. It also said that the company’s performance had been relatively strong considering the tough consumer climate. The company added: “We believe that a competitive remuneration package is essential.”

For the year to 26 February, catalogue retailer Argos saw operating profit dive by 18 per cent to £219m.

Source : John Dunne - City AM

02 June 2011
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