Card Factory financial chief Kris Lee is set take away a £40,000 golden parachute after stepping away from his position at the Wakefield headquartered card seller
Lee, who joined Card Factory in 2017 following a more than five-year stint as group finance director at The Edinburgh Woolen Mill Group, will be paid £40,000 in compensation for loss of office, after exiting the firm once a new CFO has been hired.
The financial chief will also be eligible to receive a pro-rated bonus for the financial year ending on 31 January 2022 – one third of which must be invested back into Card Factory shares.
In a statement, Card Factory said the company board and Lee “have agreed that now is the right time for change” as it said the financial chief will remain in his position until a successor has been recruited, to ensure an orderly transition.
Card Factory chairman Paul Moody said: “I would like to thank Kris for his significant contribution over the last five years. In particular, he has worked tirelessly to deliver a successful refinancing in recent times and leaves the Company with a solid platform to move forwards”
Lee said: “It has been a pleasure working with Card Factory over the last five years; and I am proud of what the team achieved against an exceptionally challenging backdrop. Card Factory has made significant progress in recent years and has a clear strategy for the years ahead.”
The firm said its trading performance for the year is in line with expectations, as it prepares to publish its financial results in September 2022.