Kingfisher CEO Gets 70% Pay Boost Amidst Crisis

Kingfisher, the parent company of B&Q and Screwfix, has disclosed a significant 70% pay increase for its chief executive, Thierry Garnier. For the year concluding in January, Garnier's total remuneration reached £3.9 million, a notable rise from the previous year's £2.3 million. This pay package comprised £1.1 million in salary and benefits, supplemented by £2.5 million in bonuses. Since assuming his role in September 2019, Garnier has accumulated £19.4 million in earnings from the company.

This substantial pay rise for Garnier occurs at a time when Kingfisher has reported a £73 million writedown on its Castorama business in France, attributed to weak consumer spending. Furthermore, the company's shares have experienced a downturn, influenced by concerns over potential increases in borrowing costs and a cooling housing market stemming from the Middle East conflict. Despite these challenges, Kingfisher's UK divisions previously supported a 6% growth in underlying profits, reaching £560 million for the same fiscal year.