Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

No salary hike for Debenhams management

Executive directors’ salaries at Debenhams were not increased in November 2018, meaning CEO Sergio Bucher’s pay remained at £700,000 for the 2018 financial year.

No annual bonuses were awarded to executive directors for the year, after the profit before tax targets was not met.

Debenhams reported a 65.1% fall in underlying profit before tax to £33.2m for the 52 weeks to 1 September 2018, compared with the previous year.

For 2018, annual bonuses were based on a combination of profit before tax results and a consumer satisfaction element. Moving forward annual bonuses will be based solely on underlying profit before tax, to place “a clear focus on profit performance”.

Rachel Osbourne, who joined the Debenhams board in September 2018 as chief financial officer, has been awarded a basic salary of £439,000 with an annual bonus opportunity for the 2019 financial year of 100% of her base salary. She will also receive a performance share plan award of 67% of salary.

The news comes as landlords ready themselves for the possibility of a Debenhams CVA, which comes after the department store announced in October plans to close 50 stores in the next three to five years. 

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.