On 24 July 2019, Kingfisher plc (the 'Company') announced that Véronique Laury would be stepping down from the Board and as Chief Executive Officer on 24 September 2019 as part of a planned succession process. As required by section 430(2B) of the Companies Act 2006 (the 'Act'), details of the remuneration arrangements for Véronique are set out below.
Véronique will continue to receive her base salary, pension and benefits up to the end of her twelve month notice period on 26 June 2020, when her employment will cease, in accordance with her contractual entitlements and the Directors' Remuneration Policy as approved by shareholders on 9 July 2019 (note that Veronique’s twelve month notice period was triggered when her successor was announced). Véronique will receive a one-off relocation allowance to support her repatriation to France, within the limits allowed by the Directors’ Remuneration Policy.
To reflect the period when she was CEO of the business during 2019/20 she will remain eligible for a bonus pro-rated to the date of stepping down as Chief Executive Officer. Her actual bonus will be calculated in line with the outcome of the strategic milestones (full disclosure will be included in the Annual Report on Remuneration) and will be paid in April 2020 alongside bonuses paid to other colleagues. She will not receive a bonus in respect of 2020/21, nor will she be granted any share awards in respect of 2020 under the Kingfisher Alignment Share and Transformation Incentive Plan (KASTIP).
She will be treated as a good leaver in respect of her unvested awards under the KASTIP, and her 2019 Alignment Shares and 2016 Transformation Incentive awards will be pro-rated in line with the KASTIP Plan Rules, and each award will vest on the respective normal vest date subject to achievement of the relevant performance conditions.
She will be required to retain the lower of her current shareholding and the equivalent of 350% of salary until the second anniversary of her ceasing employment, in accordance with the current Directors' Remuneration Policy.
Véronique will receive no payments by way of compensation for loss of office.
Full details of Véronique's remuneration will be included in the Annual Report and Accounts, which will be available on the Company's website in due course.