FCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges

cityam2025-12-19

"A difficult end to the year": WH Smith Interim CEO pledges discipline WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2592584159?lang=en_US&edition=fundamental","thumbnail":"https://www.cityam.com/wp-content/uploads/2024/09/whsmithgettyimages-57ed5d321aa97-57ed5d325281e.webp?w=824&h=463&crop=1","is_english":true,"pubTime":"2025-12-19 15:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2592584159","market":"us","top_or_hot":-1,"title":"FCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges","media":"cityam","content":"<div>\n<p>\"A difficult end to the year\": WH Smith Interim CEO pledges discipline  WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a ...</p>\n\n<a href=\"https://www.cityam.com/fca-probe-and-bonus-clawbacks-wh-smith-acts-against-former-directors-as-north-america-profit-plunges/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>FCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFCA probe and bonus clawbacks: WH Smith acts against former directors as North America profit plunges\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-19 15:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/fca-probe-and-bonus-clawbacks-wh-smith-acts-against-former-directors-as-north-america-profit-plunges/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>\"A difficult end to the year\": WH Smith Interim CEO pledges discipline  WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a ...</p>\n\n<a href=\"https://www.cityam.com/fca-probe-and-bonus-clawbacks-wh-smith-acts-against-former-directors-as-north-america-profit-plunges/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4142","symbol_name":"酒店、度假村与豪华游轮","start_time":0,"source_url":"https://www.cityam.com/fca-probe-and-bonus-clawbacks-wh-smith-acts-against-former-directors-as-north-america-profit-plunges/","article_id":"2592584159","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2024/09/whsmithgettyimages-57ed5d321aa97-57ed5d325281e.webp?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/fca-probe-and-bonus-clawbacks-wh-smith-acts-against-former-directors-as-north-america-profit-plunges/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2592584159","pubTimestamp":1766129474,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"\"A difficult end to the year\": WH Smith Interim CEO pledges discipline  WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a probe by the Financial Conduct Authority .WH Smith chief executive Carl Cowling stepped down with immediate effect last month after the report, produced by Big Four audit firm Deloitte, identified weaknesses in the operations of the firm’s North America division.The financial review found that profit at its North America division had been overstated by approximately 30m, wiping tens of millions of pounds from its earnings and causing shares to tumble.In its delayed preliminary results, released on Friday, the board, in a rare move, is applying malus and clawback provisions to recover bonuses from former executive directors following the profit restatements.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4142":"酒店、度假村与豪华游轮","FCA":"First Trust China AlphaDEX Fund","WH":"Wyndham Hotels & Resorts Inc"},"translate_title":"FCA调查和奖金追回：北美利润暴跌，WH Smith对前董事采取行动","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCA":1.5,"WH":1.5},"content_text":"\"A difficult end to the year\": WH Smith Interim CEO pledges discipline  WH Smith’s board will trigger clawback provisions for senior executives following accounting errors woes that had resulted in a probe by the Financial Conduct Authority (FCA).WH Smith chief executive Carl Cowling stepped down with immediate effect last month after the report, produced by Big Four audit firm Deloitte, identified weaknesses in the operations of the firm’s North America division.The financial review found that profit at its North America division had been overstated by approximately £30m, wiping tens of millions of pounds from its earnings and causing shares to tumble.In its delayed preliminary results, released on Friday, the board, in a rare move, is applying malus and clawback provisions to recover bonuses from former executive directors following the profit restatements.\n\nProfit plunges This comes as its headline trading profit in the North America division plummeted from a restated £34m in 2024 to just £15m in 2025, primarily due to a £23m reduction in supplier income and inventory write-downs.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe group expects North America to bounce back to 7–8 per cent in FY26 after the errors are cleared.The misleading accountancy woe that dominated the headlines has caused the FCA to commence a formal investigation into WH Smith’s compliance, as confirmed by the board this morning. The group is still operating under Interim CEO Andrew Harrison while the search for a permanent successor and new board members with North American retail experience continues.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592584159","isCrawlerRequest":true}