Belfast Telegraph

B&Q boss set for £6m bonus

By James Thompson

B&Q owner Kingfisher's chief executive, Ian Cheshire, is in line for a share bonus of more than £6m and said he wants to run Europe's biggest DIY retail group for another five years.

He, and his top team, are set for a bumper payout in shares after Kingfisher said it expected to meet the City's full-year profit forecasts of nearly £800m, following profit progress in its fourth quarter.

Kingfisher, which has 950 stores in eight countries, including nine in Northern Ireland, also unveiled a management reshuffle giving clues to its long-term succession plans.

Mr Cheshire said: "I am completely committed to the next phase and that looks like a five-year programme and it starts here."

His comments are likely to be well-received by investors, as Kingfisher's market capitalisation was around £3bn when he took the helm in January 2008, compared with £6.57bn yesterday.

Mr Cheshire is in line to receive £6.1m - based on yesterday's share price - after Kingfisher surpassed its performance share plan's two main targets relating to earnings per share and total shareholder return over the four years to January 28.