WH Smith to Appoint Leo Quinn as Executive Chairman, Shares Surge

WH Smith (SMWH.L) shares jumped more than 10% on Monday morning after the company announced its intention to appoint Leo Quinn as Executive Chairman, effective April 7, 2026, subject to shareholder approval.

Quinn brings over two decades of experience as CEO of UK publicly quoted companies, most recently at Balfour Beatty plc. His track record includes significant business transformations, driving sustained cash flows and delivering substantial shareholder returns, exceeding £5 billion in total shareholder value across his previous roles.

Annette Court will step down as Chair at the end of the company's Annual General Meeting on February 2, 2026. Simon Emeny, currently Senior Independent Director, will serve as Interim non-executive Chairman until Quinn's official appointment.

The Board believes Quinn's leadership and experience in transforming large international companies make him the ideal candidate to lead WH Smith's resurgence. The company will hold a General Meeting to approve Quinn's appointment and a special share award designed to incentivize alignment with shareholder objectives.

Quinn's compensation includes a base salary of £360,000 and a pension allowance of 3% of his base salary. He will not participate in any annual bonus or long-term incentive arrangements.

As a demonstration of his commitment and alignment with shareholder interests, Quinn will purchase £2 million worth of WH Smith shares from his own funds upon joining the company. Furthermore, he will be granted a share award of 1,887,519 shares, valued at £12.25 million on grant.

Vesting of the share award is contingent on a stringent share price performance test over a five-year period. Full vesting, potentially delivering a value of £24.5 million to Quinn, requires the company's share price to double, creating approximately £800 million in additional shareholder value based on the closing share price as of January 16, 2026.

Leo Quinn stated, “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.”