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Debenhams lowers management targets

Debenhams has revised down its management bonus structure to reflect “ongoing challenges in the UK retail sector”.

The department store chain, whose chief executive Michael Sharp announced his intention to step down from the role in October, lowered the performance criteria for its long-term bonus scheme, The Sunday Times reported.

The move means Sharp, who will leave next year, could earn up to £922,500 in deferred shares this year and £307,500 next year, according to the newspaper.

Debenhams said the changes were made following shareholder consultation and were approved at the annual general meeting last year.

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