Boots CEO earns more than £1m in his first six months

Boots
chief executive Richard Baker earned more than £1m during his first six months
with the health and beauty retailer, the company’s annual report reveals.

Baker,
who joined Boots from supermarket chain Asda in September last year, earned 80
per cent of his potential bonus – worth up to 100 per cent of basic salary –
with much of the bonus guaranteed as part of the package agreed when he took
the job.

By
Boots’ financial year-end in March, Baker’s salary, bonus plus a ‘golden hello’
paid to compensate him for loss of bonuses at Asda, took his earnings in the first
six-and-a-half months to £1.08m.

The
report also shows that Steve Russell, Boots’ former chief executive who left in
May 2003, received a leaving package of £1.1m, including £758,000 in
compensation package.

Like-for-like
growth across the year at Boots was 3.9 per cent, with total retail sales up
4.5 per cent.

By Daniel Thomas

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