WHSmith boss Stephen Clarke just got a 56% payrise

The retailer's legendary cost-cutting apparently doesn't extend to the boardroom.

by Jack Torrance

WHSmith has cultivated a reputation for being able to cut costs to the bone, but it seems the frugality stops when it comes to the boardroom. Its carpets may be threadbare but the man in the top chair has bagged himself a 56% pay rise.

Chief exec Stephen Clarke will be paid just shy of £4m for 2015, a year where the chain’s like-for-like sales remained flat and it came under increased fire for its high-priced hospital shops, failing to pass on VAT savings to airport customers and continuing to neglect its weary stores.

Though Clarke’s base salary crept up by just 1% and his bonus climbed around 8.8%, his total remuneration soared because of a massive jump in the value of his long-term incentive plan to £2.6m. CFO and COO Robert Moorhead also took home a pretty tidy £3.5m.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here

Email: mtsupport@haymarket.com

Call: 020 8267 8121

Register

FREE

  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Become a subscriber

From £66 a quarter

  • Full access to managementtoday.co.uk
  • Exclusive event discounts
  • Management Today's print magazine
  • Plus lots more, including our State of the Industry Report.

Choose a Package