John Warren has stepped down as group FD of embattled retailer WHSmith, but could receive as much as a £400,000 payoff in the next year.
The figure contains his £325,000 salary, plus other perks such as his company car.
A WHSmith spokeswoman said that the group operates a ‘policy of mitigation’, and the figure is split over a period of 12 months. If he gets a new job during that time the payments will stop.
Alan Stewart, the former chief executive of Thomas Cook UK, has taken on Warren’s role.
Kate Swann, group chief executive WHSmith, said: ‘I am delighted to welcome Alan to WHSmith. He is an experienced finance director with strong operational skills and a solid track record of turning around an underperforming business.’
The move follows a change in the group’s strategy, to focus more on its ‘operational focus’ following divestments last year, with less of an ‘international focus’.
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