Thierry Falque-Pierrotin, CEO of European electricals group Kesa Electricals, saw his remuneration in the last financial year decline by almost €1 million (£880,000), the retailer’s annual report has revealed.
Owner of the Comet chain in the UK, Kesa saw overall retail profit decline 2.7 per cent during the year, which ended in April, and as a consequence of not meeting targets Falque-Pierotin’s pay dropped 38 per cent from €2.38 million last year to €1.46 million.
The retail boss, who was appointed CEO of the business in January 2009, also did not receive any shares under the performance share plan or deferred annual bonus.
Kesa has been considering the sale of Comet for several months after the beleaguered trader posted a full-year retail loss of £8.9 million compared to a profit of £11.5 million in the year ending April 2010.
The UK retailer’s former Managing Director Hugh Harvey left the company in May just ahead of the firm revealing that like-for-like sales were down as much as 15.2 per cent year-on-year during its fourth quarter period.
Commenting at the time, Verdict Senior Analyst Matt Piner commented: “With Comet consistently underperforming the rest of the Kesa group and having a much bleaker outlook, it is no surprise that Kesa may be looking to offload it and focus on its stronger assets.
“It is Comet which is proving the major drag on the group’s performance.”