Former Boss of WH Smith Kate Swann Left Retailer with Nearly £13m

The former boss of retailer WH Smith quit the company sitting on a remuneration package and share options totalling nearly £13m.

Kate Swann, who resigned as group chief executive of WH Smith in June, 2013, received a salary of £437,000 ($718,000, €522,000), an annual performance bonus of £871,000 as well as £162,000 in benefit, pension supplement payments up to financial year ended 31 August, 2013.

Swann, who now works for food and drink outlet operator SSP, also received shares worth £1.9m from a long-term rewards scheme, according to WH Smith's annual report.

In addition, the former boss was awarded 1.13m shares in the retailer, reduced on a pro-rata basis to reflect Swann's move.

The shares are now valued at £11.3m on WH Smith's current share price of 993.50p - representing nearly a 50% rise on when the shares were awarded.

In total, Swann left the company sitting on bonus payments, shares and options worth up to £12.8m.

Stephen Clarke, the former managing director of the high street business, took over the helm of WH Smith in May.

Clarke will be given a £480,000 annual basic salary - an increase on his previous pay of £315,000, but below Swann's £525,000 yearly offering.

"During the year under review the committee consulted extensively with institutional shareholders and shareholder advisory bodies on the proposed remuneration", said Drummond Hall, chairman of WH Smith's remuneration committee.

Clarke received a bonus of £513,000 up to August from the company.