WH Smith faces a pay rebellion after investor group Pirc said the retailer's former chief executive, Kate Swann , was rewarded with more than pounds 11m of shares "without obvious benefit to shareholders". The warning has been made ahead of the company's annual general meeting later this month. Pirc has recommended that investors oppose the company's remuneration report. Pirc stated: " Kate Swann resigned as a director on 30 June 2013 . The large majority of incentive awards . . . were not exercisable at this point." Swann was chief executive at WH Smith for 10 years and was credited with turning the business around with an extensive cost-cutting programme. She walked straight into another role at food group SSP. A spokesman for the retailer said: "The departure remuneration package for Kate was published in the remuneration report included in the 2012 annual report and accounts that was approved at the January 2013 AGM by shareholders (93%)." Simon Goodley
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