WH Smith shares climbed more than 11% to around 699p today after the retailer said it plans to appoint former Balfour Beatty boss Leo Quinn as executive chairman from 7th April.
Quinn brings over 20 years of experience as CEO of UK publicly quoted companies to the FTSE 250 firm, most recently as group chief executive of Balfour Beatty.
He has led major business turnarounds and delivered strong shareholder returns, including over £5 billion of total shareholder value.
The announcement comes after a turbulent period for the retail giant, following an accounting issue in its North American business which led to a significant share price fall over the past few months.
In December, the Financial Conduct Authority confirmed it was assessing whether WH Smith complied with disclosure rules around what information was provided to investors during the episode.
The company also said it would seek to claw back “overpaid” bonuses awarded to some executives.
Its North America operation had overstated revenues, with the misstatement estimated to potentially reach £50m. Forecasts were subsequently revised lower.
The London-headquartered business reported pre-tax profit, excluding one-off items, of £108 million for the year to the end of August for its reshaped business.
The company has also undergone a major strategic shift, selling its 480-strong UK High Street store chain earlier this year, as well as offloading Funky Pigeon to Card Factory for £24m.
Those sites have been rebranded as TG Jones by their new owner, leaving WH Smith focused on its travel retail estate – around 1,300 outlets in railway stations, airports and other transport hubs.
As part of the leadership change, existing chair Annette Court on 2nd February 2026.
Senior independent director Simon Emeny will serve as interim non-executive chairman until Quinn formally takes up the role.
“The board strongly believes that Leo’s record of leadership and significant experience of successfully delivering transformation for large international companies make him the right candidate to deliver the group’s return to stability and long-term growth strategy,” said Court.
“I wish Leo, the board and the entire team of dedicated colleagues at WHSmith the very best for the future.”
Quinn added: “WHSmith is a great business with a remarkable heritage.
“Working with the leadership team and our colleagues worldwide, I intend to ensure the company has the right foundations in place to deliver long-term value for its investors, business partners and employees.”
WH Smith revealed that Quinn will receive a base salary of £360,000 and a pension allowance of 3% of base salary. He will not be eligible for any annual bonus or long-term incentive plan used elsewhere in the group.
Instead, he will buy WH Smith shares worth £2m using his own funds and will receive a stand-alone equity award of 1,887,519 shares, valued at £12.25m on grant.