Siebel pays £2.5m to outgoing CEO

Outgoing Siebel Systems chief executive officer Michael Lawrie has received a $4.5m (£2.5m) severance package from the company, after less than a year in the job.

Software supplier Siebel said Lawrie, who had moved to the company after more than 25 years at IBM, was entitled to a cash payment, accelerated company stock entitlements, continuing health insurance and payment for consulting services following his departure.

Lawrie was replaced by Siebel board member George Shaheen as chief executive officer.

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