Melville House Books

Stockholders of giant UK bookseller W.H. Smith attending the company’s annual meeting protested the fact that although the company lost £135 million last year it nonetheless gave CEO Kate Swann a 77 percent raise. Caroline Muspratt reports in a Daily Telegraph story that “15.9 m proxy votes” were cast against the pay proposal, but it was overruled by “94.6 m proxy votes in favor.” Swann, who started the job in November 2003, was paid £1.29 million “for the nine months to August,” in addition to a benefits package that totaled £893,000, including £500,000 cash. Muspratt reports that “the company said comparisons between Ms Swann’s salary and the company’s performance were ‘not justified’ as she had joined WH Smith too late to have had any impact on that year’s Christmas trading.”

Dennis Johnson is the founder of MobyLives, and the co-founder and co-publisher of Melville House.