Key facts
- Currys awarded outgoing CEO Alex Baldock a £6.3m pay package, a 54% increase from last year.
- Baldock's pay rise was largely due to a tripling of performance incentive payments to £5.2m.
- Baldock sold nearly £2.9m worth of Currys shares.
- Baldock is departing Currys at the end of August to join Boots.
- Currys posted an 18% jump in pre-tax profit to £153m and launched a £50m share buyback.
Currys, the FTSE 250 electrical retailer, has awarded its outgoing chief executive, Alex Baldock, a significant pay increase, bringing his total compensation for the year to £6.3m. This represents a 54% hike from the previous year's £4.1m package.
Baldock, who joined Currys in 2018, is scheduled to depart at the end of August to take on a role at high street chemist Boots, which is preparing for a potential London IPO. The increase in Baldock's remuneration was primarily driven by a substantial boost to his performance incentive payments, which more than tripled to £5.2m, while his base salary saw a 1% increase to just over £1m.
The company's remuneration committee stated that Baldock will not be eligible for remaining performance-based share awards after his departure but will be permitted to retain shares equivalent to 250% of his final salary for two years. In a separate transaction, Baldock sold over 1.7 million of his Currys shares for approximately £2.9m.
Currys reported an 18% increase in pre-tax profit to £153m and initiated a £50m share buyback scheme. The company has announced Frederik Tonnesen, the current head of its Nordic operations, as Baldock's successor. Analysts have praised Baldock's turnaround of Currys, which focused on reducing the store footprint, enhancing online sales, and emphasizing repair and subscription services.