Top boss walks away from Boots

Jul 12 2007 By Jon Griffin, Birmingham Mail

A FORMER Sutton Coldfield grammar school boy is walking out on his job at the helm of Alliance Boots - several millions of pounds richer.

Richard Baker is set to walk away with a multi-million pay-off after stepping down as chief executive of Alliance Boots.

Mr Baker, aged 44, was already in line for a £6.5 million windfall following the £11.1 billion buyout of the High Street chain by private equity house Kohlberg Kravis Roberts and deputy chairman Stefano Pessina.

Now he will pocket a further major pay-off after Alliance Boots announced his departure as chief executive following four years with the group.

The multi-million pound bounty is a far cry from the business leader's days as a pupil at Bishop Vesey's Grammar School in Sutton Coldfield, where he grew up.

Mr Baker joined the chain in 2003 from Asda and masterinded a major recovery plan, vastly increasing the share price after pledging to put "the chemist back into Boots."

Share options for Mr Baker have enabled him to amass a fortune of around £6.5 million when he exercised the stake as the company was taken private.

A pay-off following his departure as chief executive will leave him with a further windfall after he turned down the chance to stay on at the newly delisted company.

Reports said Mr Baker did not want to continue as chief executive reporting to executive chairman Mr Pessina.

Mr Pessina said he was grateful to Mr Baker "for all he has done in leading the Alliance Boots group through the merger and for all his hard work and excellent results."

Alliance Boots has 3,000 chemists around the world with 2,600 in the UK.