Angela Spindler, incoming chief of internet and catalogue home shopping retail business N Brown Group is to receive a ‘golden hello‘ amounting to almost £4 million over the next three years, it is understood.
By 2016, Spindler could be awarded £3.84 million thanks to compensation for forfeited rewards at her previous role as boss of non-food convenience retailer The Original Factory Shop (TOFS), The Independent reported.
In January, N Brown Group poached Spindler from TOFS as it eyed online and international growth and she praised the group‘s adaptability which has allowed it to “benefit from the multichannel retail revolution”.
N Brown has said that Spindler could receive up to “two one-off share awards”, the first of which amounts to up to 100 per cent of her salary over two years while the second could be as much as 200 per cent over three years.
Spindler‘s current salary is not known, though the group noted that the latter pay-out is subject to the “achievement of strategic objectives”.
Alan White, previous CEO of N Brown who announced his retirement in January after 25 years with the business, had a salary of £542,000, meaning that Spindler‘s golden hello could be worth some £1.63 million, on top of the £508,125 pro rata bonus she is due for this financial year, equal to 125 per cent of her salary.