WH Smith names new executive chairman after accounting scandal
UK retailer picks new boss to lead recovery
- WH Smith has appointed Leo Quinn, former chief executive of infrastructure giant Balfour Beatty, as its incoming executive chairman, with his role commencing on 7 April subject to shareholder approval.
- The appointment aims to restore stability to the retailer following a damaging accounting blunder in its US division, which led to the previous chief executive's departure and an investigation by the Financial Conduct Authority.
- Mr Quinn is recognised for his track record in transforming large international companies, including Balfour Beatty, from a poorly managed, loss-making group to one generating cash and delivering strong shareholder returns.
- His compensation package includes an initial share award worth £12.25 million, potentially rising to £24.5 million based on performance, alongside a £360,000 annual salary and benefits; he will also personally invest £2 million in shares.
- WH Smith is currently undergoing a remediation plan to strengthen governance and controls, having recently divested its high street stores to focus solely on its 1,300 shops in global travel locations.