The outgoing chief executive of Halfords saw his remuneration cut by half following the company's £30m loss in the year prior to his departure, new disclosures have shown.
Graham Stapleton received a pay package of £650,440 for the firm's most recent financial year, a significant drop from the £1.2m he earned in the previous 12 months, as reported by .
His reduced compensation reflected the absence of any bonus or performance share plan payments for the period.
The Redditch-based retailer announced in April that Stapleton would depart as chief executive after more than seven years at the helm, with former Very Group leader Henry Birch set to take over.
Halfords disclosed in June that it had tumbled to a pre-tax loss of £30m in the year ending March 28, 2025, contrasting sharply with the pre-tax profit of £38.8m recorded in the preceding 12 months.
Nevertheless, the group's revenue climbed from £1.69bn to £1.71bn over the same timeframe.
Accompanying its annual results in June, Halfords revealed plans to shutter some of its garage locations as it grapples with heightened labour expenses stemming from last year's Autumn Budget.
The company stated that the sites targeted for closure cannot deliver the "level of customer experience to which we aspire".
The Autumn Budget, featuring rises to National Insurance Contributions (NICs) and the National Minimum Wage, imposed an additional £33m burden on Halfords' cost base.
Halfords' rollercoaster share price
In the annual report for Halfords, remuneration committee chair Jill Caseberry wrote: "Considering the context of wider business performance in the year, the executive directors and committee mutually agreed that no bonus should be paid."
She elaborated on the decision, noting: "This considered factors including the overall shareholder experience and profit before tax performance."
Caseberry also mentioned: "Although we were placed to make bonus payments to our autocentre and retail colleagues where applicable."
Regarding support centre staff, she stated: "Support centre colleagues received no bonus due to the profit before tax outcome being below the threshold for bonus payment."
Halfords' share price had a volatile journey throughout 2025, opening at 131.6p and dipping to 116.2p in April, then climbing to a peak of 174.6p in June.
Following the release of its annual results, the company's share price took a hit, dropping to 143p.
Currently, shares in Halfords are trading at approximately 150p.
