Kingfisher plc
Remuneration arrangements for the Karen Witts, former CFO
On 11 October 2018, Kingfisher plc (the 'Company') announced the resignation of its Chief Financial Officer from the Board. As required by section 430(2B) of the Companies Act 2006 (the 'Act'), details of the remuneration arrangements for Karen Witts are set out below.
Karen was remunerated up to her date of leaving (21 March 2019) in accordance with her contractual entitlements and the Directors' Remuneration Policy as approved by shareholders on 15 June 2016.
To reflect her contribution to the business, and continued delivery against the ONE Kingfisher transformation plan objectives during 2018/19 (she was in role for the full year), the Committee awarded a bonus of £400,775 in respect of 2018/19 in line with the outcome of the strategic milestones (full disclosure will be included in the Annual Report on Remuneration), which will be paid in April 2019 alongside bonuses paid to other colleagues. She will not receive a bonus in respect of 2019/20, nor will she be granted any share awards in respect of 2019 under the Kingfisher Alignment Share and Transformation Incentive Plan (KASTIP).
Her unvested awards under the KASTIP (Alignment Shares and Transformation Incentive) lapsed in full on 21 March 2019. She will be required to retain the lower of her current shareholding and the equivalent of 250% of salary until the anniversary of her date of leaving, and the lower of her current shareholding and the equivalent of 125% of salary until the second anniversary of her date of leaving, in accordance with the current Directors' Remuneration Policy.
Karen will receive no payments by way of compensation for loss of office.
Full details of Karen's remuneration will be included in the Annual Report and Accounts, which will be available on the Company's website in due course.
Paul Moore
Group Company Secretary
Tel: 020 7644 1041
LEI Number: 213800KBMEV7I92FY281
