24 July 2019

Kingfisher plc Chief Executive Officer Start Date

('Kingfisher', the 'Company')

Following the announcement on 27 June 2019 of the appointment of Thierry Garnier as Chief Executive Officer, the Company confirms that the effective date of his appointment will be 25 September 2019.

Remuneration

Thierry's service contract, remuneration and benefits will be consistent with the Kingfisher Remuneration Policy approved by shareholders at the AGM on 9 July 2019.

Thierry will receive a salary of £800,000.  He will receive a pension allowance of 12.5% of salary in line with arrangements available to other UK colleagues and other benefits in line with the Remuneration Policy. 

He will be eligible to participate in the Company's Annual Bonus with a maximum opportunity of 80% of salary, pro-rated to reflect his start date.  The Annual Bonus focuses executives on strategic execution and the delivery of KPIs that contribute to sustainable returns.

He will receive an Alignment Share award for 2019 of 80% of salary which will be 100% subject to performance criteria related to the balance sheet and financial strength of the business measured over three years and followed by a two‑year holding period. 

He will also be eligible to participate in the Delivering Value Incentive award in 2019, which has a five year vesting period.  This incentivises the delivery of EPS, ROCE and Relative TSR.  Awards will be granted every three years.  At target this is 190% of salary (63% of salary p.a. and at maximum it is 253% of salary p.a.).  This is lower than the limit set out in the Remuneration Policy.

The share ownership requirement will be 350% of salary and this will also apply for two years after departure.  As Thierry is moving from China to the UK, he is eligible for relocation benefits.

Thierry will also receive awards to compensate for remuneration arrangements forfeited on leaving his previous employer.  In line with the Remuneration Policy these will remain subject to performance conditions and mirror the time horizons of forfeited awards where appropriate.  As Thierry is participating in the 2019 Delivering Value Incentive at Kingfisher, he will not be compensated for recent long‑term incentive awards made by his previous employer.  Full details of these awards will be disclosed in the next Annual Report on Remuneration.

Other disclosures

Véronique Laury will step down from the Board and as Chief Executive Officer on 24 September 2019. 

Kingfisher's Half Year Results will be announced on 18 September 2019.

 Contacts: