New Card Factory CEO's pension meets updated IA guidelines

Card Factory’s newly appointed CEO will receive company benefits aligned with the pension allowance for the greetings card retailer’s workforce, in-line with Investment Association (IA) guidelines.

The London-listed company’s announcement of its appointment of Darcy Willson-Rymer stated that he would receive an annual salary of £450,000, a cash payment in lieu of employer pension contributions of 3 per cent of salary above the lower earnings limit and a company car allowance of £23,000 per annum.

The hire of Willson-Rymer therefore adheres to executive pension guidelines drawn up by the IA, which wrote to FTSE 350 companies on the subject in November.

IA said its Institutional Voting Information Service would hand out ‘red-top’ warnings to companies that failed to draw up a credible plan to align incumbent directors’ pension contributions with the wider workforce by the end of 2022 if they are receiving 15 per cent of salary or higher.

This was a tightening of guidance, as the threshold had previously been set at 25 per cent of salary.

Speaking about his appointment, Willson-Rymer said: "As a long-standing admirer of Card Factory, I am thrilled to be able to lead the business through the next phase of its growth journey. Working with the team at Card Factory, my ambition is to unlock the true potential of the business by delivering its transformation strategy in the UK and internationally."

The Canadian businessman joins Card Factory from Costcutter Supermarkets and has previously served as chief executive at Clinton Cards, as well as holding roles at Starbucks Coffee Company and KFC and Pizza Hut owner Yum Restaurants International.

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