Debenhams boss Dan Finley saw his full-year pay plummet 85% as the online retail giant continues on its multi-year transformation to turn around the business.
Finley’s pay fell from around £4.5m to £684,057 for the year to February 28 due to the absence of an annual bonus, according to the group’s annual report.
The chief executive was paid a base salary of £650,000, pension contributions, and benefits.
Finley received a share-based payment of £3.8m last year, connected to the group’s listing and early stage incentive structure.
The remuneration committee said the directors had waived their right to receive a bonus this year, despite relevant criteria being met. It has also frozen base salaries for the new financial year.
The report said that it intends to introduce a longer-term incentive plan aligned to sustainable value creation, with details expected in the FY27 remuneration policy.
Details of Finley’s pay come days after Debenhams reported it had more than halved its pre-tax losses to £108.3m, and all brands had returned to EBITDA growth in the year to February 28, 2026.
This was despite revenues plunging 24.7% to £917m, due to the continued weak performance across its Youth Brands and Karen Millen.
Finley said: “This has been a year of significant and successful transformation for Debenhams Group.
“Since my appointment as group chief executive in November 2024, I have been sharply focused on executing our multi-year turnaround strategy – and the progress is clear.”
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