Potential £6m for Swann

W H Smith chief executive Kate Swann could receive a total of £5.9m before she steps down next summer,  the company’s annual report has revealed.

The boss of the chain retailer was paid £3.3m in salary and long-term share pay-outs in the last year of her post and could receive a further £2.6m if long-term incentive plans pay out when she steps down in July. Swann’s annual pay is £525,000.

The report stated that Steve Clarke, replacing Swann as chief executive, will be paid 8.7% less than Swann at a salary of £480,000, following complaints from shareholders over executives’ bonuses. Clarke’s maximum bonus allowed will be £768,000 whereas Swann’s was £1.1m.

Last year W H Smith made a pre-tax profit of £102m.