Home Retail Group’s boss John Walden is likely to receive more than £5m in cash and shares if the Sainsbury’s takeover finalises, according to The Guardian.
While it has not been announced whether the Group’s Chief Executive will continue in his role after the grocer’s acquisition, Home Retail’s annual report indicate that Walden could cash in more than 650,000 share and options – not subject to performance.
If Walden were to leave the retail group, he would likely receive a payout of around £676,500 – his basic annual salary with a 2% pay rise. In addition, he could be awarded a further £250,000 in lieu of benefits and pension payments.
The Argos owner’s remuneration committee noted that it had not yet concluded on what will happen with shares and bonuses linked to group performance after the takeover.
Big four grocer Sainsbury’s aimed to complete the Home Retail Group takeover late this summer, but a recent inquiry from the Competition and Markets Authority could delay the deal until later in the Autumn.
The CMA has set a deadline of 13 June to comment on the possible effects of the £1.4bn takeover and will then decide by 25 July whether a preliminary inquiry should commence.