DSG International admitted yesterday that it would have no chief executive for three months after the departure of John Clare in September.

John Browett, Mr Clare’s successor, will not join the company until December 5 as Tesco, his present employer, is holding him to his notice period.

DSG said that in the interim Sir John Collins, its group chairman, would assume additional responsibilities as acting group chief executive.

The news was revealed as it emerged that none of DSG’s directors had received a cash bonus after a disappointing year for the retailer.

Mr Clare, who will retire in September with an annual pension of £474,000 from a £7.5 million pension pot, saw his remuneration fall from £1.88 million last year to £1.28 million in the year to April 2007, mainly as a result of losing out on his bonus.

DSG’s annual report, published yesterday, revealed that the company plans to change the performance criteria for directors’ cash bonuses, to be based on “group controllable earnings” and free cash flow. Last year 80 per cent of directors’ bonuses were based on earnings-per-share growth and 20 per cent on free cash flow.

The company, formerly known as Dixons, also intends to ask shareholders at its annual meeting on September 5 to approve a new share options package for another level of senior managers.

Mr Clare said in May that he would step down after 13 years as chief executive of the company.

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