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Latest News

Ex-CEO’s £400,000 pay-off sparks new fat cat uproar

by Personnel Today 14 Aug 2003
by Personnel Today 14 Aug 2003

WS
Atkins, the PFI consulting and management group, have sparked another ‘fat cat’
outcry after awarding ex-CEO Robin Southwell a £400,000 pay-off despite two
profit warnings and a collapse in share price.

The
day after Southwell resigned, shares in Atkins fell 72 per cent, which prompted
a new cost-cutting programme and 400 job losses.

Atkins
chairman Tim Jeffries defended the alleged "reward for failure",
saying Southwell received his contractual entitlement of a year’s pay in lieu
of notice.

He
said that any compensation to future directors will be limited if they are
dismissed after being found to be at fault.

By Michael Millar

Avatar
Personnel Today

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Personnel Today
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