Dixons defends chief's pay hike
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Dixons' chairman, Sir Stanley Kalms, received a 29 per cent pay rise last year, taking his total remuneration to pounds 865,000. The package included a basic salary of pounds 608,000 boosted by a pounds 236,000 performance bonus and other taxable benefits of pounds 21,000. Last year Sir Stanley received total pay of pounds 669,000 including pounds 590,000 basic salary, and a pounds 171,000 bonus.
The pay rise caps a good year for Sir Stanley. He was knighted in the New Years Honours list, then last month Dixons reported a 35 per cent rise in pre-tax profits to pounds 135m. Dixons' shares have risen strongly on the back of strong sales and the nascent consumer recovery.
Dixons defended its chairman's pay-hike saying that last year he had waived a pounds 100,000 bonus payment as inappropriate in view of the recession. It also said the company's strong performance last year under-pinned the pay rise.
Sir Stanley joined the company when it was a one-store family business in 1948 and turned it into a FT-SE100 company with a market capitalisation of pounds 2.1bn. Dixons, whose other chains include Curry's, PC World and The Link, has been helped by improving markets and booming sales of multi- media computers. PC World, the computer superstore group, has seen sales more than double to pounds 262m. Comparative sales are sharply ahead with 7 million British households now owning a computer.
Dixons shares have been one of the main beneficiaries of a rise in consumer confidence which has also boosted shares in Kingfisher, the Woolworths and B&Q group, which also owns the Comet chain of electrical stores. Dixons shares closed down 3p yesterday at 507p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments