Business Services Industry
Marks & Spencer Executive Gets Hefty Severance Package.
Knight Ridder/Tribune Business News, June, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Jun. 10--The departure of Vittorio Radice from Marks & Spencer highlights the folly of handing out expensive "golden hellos."
Radice was given a UKpound 1.2 million signing-on package when he joined just 15 months ago to open a single furniture store.
His total earnings are likely to top UKpound 2.5 million. He gets a 12-month payoff of over UKpound 600,000 including pension, plus the rest of his golden shares -- worth more than UKpound 500,000 thanks to Green.
M&S is already shelling out UKpound 820,000 to ousted chief executive Roger Holmes, plus UKpound 600,000 in shares for ex-chairman Luc Vandevelde. More costly departures are likely under new chief executive Stuart...
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