WH Smith boss wins investor vote

WH Smith suffered poor trading over Christmas

The new boss of High Street retailer WH Smith has won shareholder backing for her pay deal, despite criticisms that it was too generous.

Kate Swann's £2.6m package was approved by 67% of shareholders, with 22% voting against and 11% abstaining.

Some investors complained that the deal, which included a guaranteed bonus of £220,000, was not sufficiently linked to performance.

The company issued a profit warning in January and may have to make job cuts.

The Pensions and Investment Research Consultants (PIRC) and the National Association of Pension Funds (NAPF) had advised members to vote against the deal.

Full review

WH Smith launched a full operational and financial review following the profit warning and said on Thursday that it will consider the future of its 204 stores in the Asia-Pacific region.

It is also in the process of selling US businesses.

The company added it will start looking for a new chairman to replace Richard Handover, who is due to step down in January 2005.