Kingfisher boss Ian Cheshire could earn more than ÂŁ16 million over the next four years in salary, bonus and shares if he succeeds in turning around the DIY and home improvement group.

Cheshire’s annual salary is£800,000, with a bonus provision of twice this amount if he hits certain performance targets. On top of this, he has signed to two long-term incentive deals, which could net him up to£6.6 million worth of Kingfisher shares in two tranches over the next four years.

A Kingfisher spokesman told the Daily Telegraph that for the full payouts to be made, Cheshire has to addÂŁ3.5 billion of shareholder value at the company.

“The incentive programme is heavily geared towards delivering a step change in shareholder value,” said the spokesman. He added that Cheshire’s basic salary is more than£100,000 lower than his predecessor, Gerry Murphy.

Topics