Dr Martens chief Wilson could earn £4m next year

By

Nigel TAYLOR

Published
Jun 15, 2022

Some incentive for being a successful boss. Kenny Wilson, chief executive of fashion footwear specialist Dr Martens, could be in line for a £4 million pay package next year. If he hits performance targets, that is.

It will mean lifting the retailer’s share price by 50%, a tough call given ongoing stock market volatility. It currently trades at 249p, valuing the company at £2.3 billion. A year ago, the shares traded a 499p.

Wilson received £1.67 million in total pay last year, a 6% rise on the previous year, after receiving a £906,000 bonus, according to the annual report. He also owns over 11.1 million shares, valued at £26 million.

Wilson’s median pay next year will be £2.39 million. However, if he achieves all his performance targets he will receive £4 million.

Last week, Dr Martens unveiled record results and raised its forecast for the current year, despite the challenges facing retail. Revenue rose 18% on a reported basis, or 22% at constant currency to reach £908.3 million in FY22 (the year ended 31 March).

Its record revenue was driven by its largest ever sale of boots, shoes and sandals and as well as raising its shareholder dividend and workforce bonuses, it's also accelerating new store openings.

It said for the current financial year 2023, it expects high-teens revenue growth, helped by the price increases that take effect from AW22 with its expectations for volume growth remaining unchanged.