Thierry Garnier, the chief executive of Kingfisher, the group that owns B&Q and Screwfix, saw his pay cut by nearly £4m as the company's sales and profits suffered a significant blow in its latest financial year.
Garnier received almost £2.3m for the 12 months ending 31 January, 2025, a decrease from the nearly £6m he earned the previous year, as reported by .
His pay package did not include the near-£4m 'delivering value incentive' bonus he was awarded the year before.
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However, his base salary rose from £875,500 to £911,900, and his annual bonus increased from £364,900 to £804,900.
He also received £404,200 through a performance share plan.
Last year, City AM reported that the bonuses of the CEO and CFO of B&Q's parent company were also reduced after Kingfisher's profit dropped by almost 40 per cent in its previous 12 months.
The annual report follows a decline in sales for the parent company of B&Q and Screwfix for the year ending 31 January, 2025.
Kingfisher reported a 1.5 per cent drop in sales to £12.78bn, largely due to a 6.2 per cent decrease in sales in France, while the 海角视频 and Poland remained stable.
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Operating profit at B&Q's parent company also fell 29.7 per cent to £407m, and its pre-tax profit was reduced by 35.4 per cent to £307m.
Kingfisher has reported cost savings of £120m during the year, however, it is facing a year on year cost inflation of £90m. This is due to the combined impact of higher wages, increased employers national insurance contributions and their French equivalent, along with the 海角视频 government's packaging fees regulations (the Extended Producer Responsibility scheme).