Shareholders at UK frozen food retailer Iceland might be surprised to learn that new CEO Bill Grimsey has been awarded a £225,000 (US$321,540) ‘special one-off bonus’ in recognition of “his contribution to the company’s recovery.” Since Iceland has issued three profit warnings since his arrival at the helm of the group, some might question what shape this “recovery” is taking. While industry statistics show sales taking a positive trend again, the group still has a long climb to regain its earlier popularity.

Grimsey’s payment is part of a settlement arranged at the time of his departure from former employer Wickes, from whom he was due to receive payments roughly of this amount. The £225,000 bonus comes in addition to an extra £200,000 on top of his £500,000 annual salary, the £200,000 being compensation for leaving Wickes, the home improvement chain.

Finance director Bill Hoskins, who also joined Iceland from Wickes, has been awarded a similarly substantial bonus of £180,000.

This information is contained in Iceland’s annual report published yesterday. The report also shows that former Booker CEO Stuart Rose, who headed up Iceland after it bought Booker in June last year until he resigned  last November, was paid £2.78m, mostly to compensate for lost share options he had held at Booker. His colleague Charles Wilson, who also joined the Iceland board from Booker and resigned this January, received a total payment of £1.85m, of which £1.71m related to Booker share options.

To view related research reports, please follow the links below:-

Grocers & Supermarkets 2001

Supermarkets & Superstores

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