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WH Smith Seeks £7 Million From Executives Over Accounting Blunder

12/19/2025

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Summary

Story summary

WH Smith intends to recover up to £7 million in bonuses from former executives due to a significant accounting error in its US business, which caused a £600 million decline in stock market value.
The UK's Financial Conduct Authority (FCA) is investigating WH Smith's compliance with UK listing and transparency rules related to this error.
Former CEO Carl Cowling received £4 million in bonuses, while finance director Robert Moorhead received over £3 million.
Following a Deloitte review, WH Smith is simplifying its North American operations after discovering profits were overstated by £50 million.

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Story summary

WH Smith intends to recover up to £7 million in bonuses from former executives due to a significant accounting error in its US business, which caused a £600 million decline in stock market value.
The UK's Financial Conduct Authority (FCA) is investigating WH Smith's compliance with UK listing and transparency rules related to this error.
Former CEO Carl Cowling received £4 million in bonuses, while finance director Robert Moorhead received over £3 million.
Following a Deloitte review, WH Smith is simplifying its North American operations after discovering profits were overstated by £50 million.