Card Factory CFO gets £350,000 bonus

The chief financial officer of Card Factory, Darren Bryant, has received just under £350,000 as part of a long term incentive plan.

The Wakefield-based business allotted 105,626 shares to outgoing Bryant, which were valued at around £3.30 per share.

Card Factory announced in January that Bryant would be stepping down to retire after eight years with the group. He will be replaced with The Edinburgh Woollen Mill’s Kris Lee, who will take over at the end of July.

Bryant’s award was a part of a conditional long term incentive plan award made to him in May 2014, subject to performance conditions which the company’s Remuneration Committee now feel have been met. This has resulted in Bryant being entitled to receive 46.6% of the total award granted to him in 2014.

Bryant now holds a 1.7% stake in the retailer, which is valued at around £19m.

Yesterday Card Factory maintained its expectations for its full year, as it reported total revenue growth of 4.9% for its first quarter.

For the quarter to the end of April, Card Factory also reported like-for-like store revenue growth at the upper end of its targeted range of 1% to 3%.

Card Factory opened 11 net new stores in the quarter, taking its total store estate to 876 stores.

This comes at a time of controversy around incentive plans such as this, with MPs calling on the government to ban complex, share-based pay schemes to bosses.

Earlier this month David Potts, chief executive of Morrisons, was revealed to be in line for a £5.3m total pay package, and shareholders revolted over power company Drax’s plans on executive pay, which would see chief executive Dorothy Thimpson receive £1.1m. Other companies including Asos, WPP and AstraZeneca have seen backlash over pay plans as well.

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