Jul 12, 2019
Boohoo unveils CEO shares reward plan
Jul 12, 2019
Boohoo has announced further details of an incentive package for its new CEO John Lyttle, who joined the online retailer on 15 March.
Lyttle, formerly chief operating officer at Primark, has subscribed for 195 Class A ordinary shares of 1 pence each in a Boohoo holding company as part of a growth share plan announced in September.
He has also been granted a further share option award of 357,446 ordinary shares of 1 pence each in Boohoo Group plc, valued at £637,326. But this award will only vest if he remains as CEO up to 15 March 2020.
The awards join a series of incentives announced by Boohoo when it announced Lyttle’s appointment in September last year.
The new chief executive stands in line to receive a bonus of up to £50 million before tax if shares in the company grow by 180% over the next five years, increasing Boohoo’s market value from £2.037 billion to £5.6 billion.
The value of the award will be determined by compound annual growth rate (CAGR) in market capitalisation, but Boohoo must report a CAGR of at least 23% at the end of the period for Lyttle to receive it.
This would be on top of Lyttle’s annual salary of £615,000 and annual bonus.
Copyright © 2024 FashionNetwork.com All rights reserved.
