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Debenhams chief executive awarded extra £300,000

Michael Sharp, the chief executive of Debenhams, is set to receive a bonus of more than £300,000 after the chain’s revenues rose in the last year.

Sharp is to receive a one-off award of shares worth £1.23m, the equivalent of 200% of his annual salary.

Debenhams’ remuneration policy normally entitles him to £923,000, or 150% of salary, The Daily Telegraph reported.

The decision, made by Dennis Millard, chairman of the remuneration committee, follows a “strong business performance” by the retailer.

Millard said: “The committee deemed it appropriate to make a slightly larger award to the chief executive this year in light of the strong business performance since his appointment, including significant share price appreciation, his exceptional personal performance and to enhance his longer-term alignment with our four-pillared strategy.

“The committee believes this award will have a very positive retention and motivational impact on the chief executive.”

One-off bonuses have been a source of controversy across UK companies this year, with shareholders questioning the awards to a number of high-profile business figures. Millard said Debenhams’ decision had been made “following careful consideration and personal consultation with a number of major shareholders and investor representatives”.

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