Kingfisher's chief executive, Ian Cheshire (right), has announced a raft of new measures to improve B&Q's performance. He knows it's not going to be an easy task, as he admits there is "no single magic bullet" to turnaround the group and the UK economy is unfavourable at the moment. But if he succeeds and hits all his targets, Mr Cheshire stands to make ￡16m in salary, bonus and shares over the next four years. His turnaround plan includes widening operating margin from 3.3% to 7%, buying more from Vietnam and Indonesia (as costs rise in China), reducing capital spending by 20%, and stripping out costs across the business. But, he said, this does not mean "a major redundancy programme".
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