Asda Chief Executive to Take the Helm at Boots

Article excerpt

RETAILER Boots ended its search for a new chief executive yesterday after it poached Asda's chief operating officer.

Richard Baker, 40, will take the helm at the Nottingham-based business in September after almost eight years with Asda.

On top of his new salary of pounds 625,000, Mr Baker will immediately receive performance-related share options worth three times his annual pay.

He will also be guaranteed a first year bonus worth 50% of his salary and compensation of almost pounds 645,000 to cover the loss of stock options and a short-term bonus at Asda.

Mr Baker takes over from Steve Russell, who agreed to step down in December after the Boots board called for an acceleration in ``strategic change''.

Mr Russell, who has been with Boots for 36 years - including three years as chief executive - will leave the company at the end of this month. Chairman John McGrath will take the top job on a temporary basis until September before also retiring from the board. …