The following information is provided in accordance with section 430(2B) of the Companies Act 2006 by Kingfisher plc (the “Company”).
Further to the announcement by the Company on 17 June 2024, Bernard Bot retired as CFO and as a Director of the Company on 13 January 2025. Bernard will remain with the Company to support an orderly transition until the end of February 2025.
The following disclosures are made in accordance with section 430(2B) of the Companies Act 2006.
Salary and benefits
Bernard will continue to receive his base salary, pension and benefits up to 28 February 2025, when his employment will cease.
Payment in lieu of notice
Following the cessation of his employment, the Company has agreed to make a lump sum payment to Bernard of £187,777 in lieu of the residue of his notice period of c.3.5 months' salary and contractual benefits in accordance with his Service Agreement, subject to statutory deductions.
Annual Bonuses
Bernard’s 2024/25 Annual Bonus will be subject to the performance conditions and rules of that scheme. The bonus will be assessed by reference to the performance conditions set by the Remuneration Committee, pro-rated for the period he served as a Director and will be paid in accordance with the Company’s Remuneration Policy (the “Policy”).
The Remuneration Committee has agreed that Bernard will be eligible for Annual Bonus in respect of the time he will serve as an employee after he retires as a Director (i.e. between 14 January and 28 February 2025).
Share Awards
The Remuneration Committee has determined that Bernard will be treated as a ‘good leaver’ under both the Kingfisher Alignment Share and Transformation Incentive Plan (the “KASTIP”) and the Kingfisher Performance Share Plan (the “KPSP”). Accordingly, vested awards under the KASTIP will continue to be subject to the holding periods under the plan and any unvested awards under the KPSP will vest on the normal vesting dates and remain subject to holding periods. KPSP awards are subject to the achievement of performance conditions and pro-rating to reflect time served.
Shareholding Requirement
In accordance with the Policy, Bernard will be required to maintain a shareholding of 270 per cent of salary for two years post-employment.
Malus and clawback provisions may operate in respect of Annual Bonuses, KASTIP awards and KPSP awards.
Other Matters
Bernard will not receive any additional payment in connection with his ceasing to be a Director of the Company. Full details of Bernard’s remuneration arrangements will be published in the Company’s 2024/25 Annual Report in April 2025.
The following information is provided in accordance with section 430(2B) of the Companies Act 2006 by Kingfisher plc (the “Company”).
Further to the announcement by the Company on 15 April 2024, Andrew Cosslett resigned as Chair of the Board and as a Director of the Company with effect from 20 June 2024.
In accordance with section 430(2B) of the Companies Act 2006, the Company confirms that no remuneration payment was made by the Company to Andrew after he ceased to be a Director of the Company. The Company also confirms that no payment for loss of office has been or will be made.
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.
Further details of Véronique's remuneration can be found in the 2019/20, 2020/21, 2021/22 and 2022/23 Annual Report and Accounts.