Terry Duddy received £3.37m payout during final months at Home Retail Group

Home Retail, the parent company of Argos and Homebase, paid its former boss a total of £3.37 million during his final few months in the job, according to the group’s annual report.

Terry Duddy, who stood down as chief executive in March last year, was paid his salary and benefits until July, netting him £365,000 after he had left the board of directors. He also made £2.95 million as shares vested under a long-term incentive plan.

Mr Duddy had been at Home Retail and its predecessor, GUS, for 15 years. He stood down saying he wanted to “move on to the next stage of his career”. He was succeeded by John Walden, an American who had previously been managing director of the Argos chain.

Since the change of management, Home Retail has begun shrinking its Homebase chain by shutting 80 out of its 323 outlets in response to fierce competition for home improvement materials and waning enthusiasm for DIY among younger homeowners.

Mr Walden received £2.75 million for his first year in the job, the report disclosed, while Richard Ashton, the finance director, got £3.06 million as a long-term incentive scheme paid out.

Source : Andrew Clark - The Times
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