WH Smith boss’s pay jumps 78 per cent to £2.9m as after travel charges resurgence
Around four-fifths of the larger pay deal was linked to performance-based bonuses after the company saw sales and profits jump.
WH Smith’s boss has seen his pay surge by 78 per cent over the past year after the retailer continued its travel-boosted resurgence.
Carl Cowling, chief executive since 2019, received a total pay deal worth £2.91m for the year to August 31, according to the firm’s latest annual report.
That compares to a £1.63m pay deal a year earlier.
Around four-fifths of the larger pay deal was linked to performance-based bonuses after the company saw sales and profits jump.
Cowling got £2.25m as a result – £998,000 of annual bonus and £1.25m through the retailer’s long-term bonus scheme.
The boss did not get any money through the long-term incentive scheme the previous year.
He also got £610,000 through his fixed salary, as well as £15,000 in annual benefits and £37,000 of pension.
The jump in total pay comes after WH Smith saw its profits almost double as it benefitted from more travellers at airports and railway stations.
Group revenues for the year rose by 28 per cent to £1.79bn as it was supported by a 36 per cent increase in revenues through its UK travel business.
The firm also benefited from its continued expansion, opening more travel sites under the WH Smith and InMotion brands.
Press Association – Henry Saker-Clark
