DSGi group finance director Nicholas Cadbury will be paid £375,000 a year in his post, which he took up today.

Cadbury has also been granted options over 787,064 shares at a price of 56.7p as part of his remuneration package. If he hits targets over the three-year performance period, which began May 4, he will be able to exercise the options between August 14, 2011 and July 11, 2018.

Cadbury succeeds Kevin O’Byrne, who has left the retailer to join DIY giant Kingfisher as group finance director.

Cadbury has worked at the retailer since 1993 and was financial director of international electricals operations previously.