Kingfisher bonus time as targets are smashed

Ian Cheshire, B&Q owner Kingfisher's chief executive, and his top team are set for bumper payouts after smashing its bonus scheme's targets and confirming that full-year profits will be in line with City forecasts of £800 million.

Cheshire also said he was "committed" to another five years at the company, which has 950 stores in eight countries, as it unveiled a shake-up of its top management team that gave clues to its long-term succession planning.

International chief Peter Hogsted is to leave later in the year, while Philippe Tible, chief executive of Kingfisher France; Euan Sutherland, current head of the UK and Ireland operation; and Kevin O'Byrne, group finance director, will get either new roles or fresh responsibilities.

Cheshire, who took the helm in January 2008, is in line to receive £6.1m - based on today's share price - after Kingfisher surpassed its performance share plan's two main targets relating to earnings per share and total shareholder return over the four years to January 28.

Group sales rose 2.2% to £2.36 billion in its fourth quarter, with the City forecasting full-year adjusted profits of £799 million. B&Q's revenues in the UK rose 0.2% to £837 million, boosted by new stores, although they fell 2.5% on a like-for-like basis.