Seb James, the CEO of Boots, received £3.8 million in pay last year as the health and beauty retailer’s profits tripled in the wake of the pandemic.
Pre-tax profits for the company reached £137 million in the fiscal year ending on August 31, 2022, across its three entities that file accounts on Companies House.
This marked a significant increase from the previous year’s £44.5 million. Additionally, sales grew by nearly 10 percent to reach £7.8 billion.
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Seb James’ remuneration package included £1.9 million in fixed pay, £1.8 million in long-term bonuses, and £100,000 in pension payments.
This amounted to more than double his £1.5 million earnings from the previous year.
The Boots CEO’s pay reflects the retailer’s strong financial performance during the period.
Boots, known for its nationwide network of over 2,000 stores, reported its eighth consecutive quarter of market share growth earlier this year.
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In the three months leading up to February 28, 2023, the company witnessed a notable sales surge of 16 percent.
This growth was attributed to the strong performance of its beauty category and an increase in foot traffic as customers returned to physical stores.
Reports emerged in March suggesting that Boots might be sold or publicly listed before the end of the year.
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Executives of the retailer’s US parent company, Walgreens, have been facing mounting pressure to consider a breakup of the global pharmacy giant.
This potential transaction would mark Walgreens’ second attempt to divest Boots after the abandoned £5 billion sale in 2022.
