Executive payoff causes French election storm

0 Comments | AFP, April, 2007

PARIS (AFP) — An 8.5 million euro severance payment given to a French aerospace executive caught widespread flak Wednesday with presidential election candidates calling it a scandal.

Socialist contender Segolene Royal called on Airbus to withdraw its proposed 10,000 job cuts across Europe following revelations of the money paid to former Airbus and EADS chief executive Noel Forgeard.

When he left last year, Forgeard was awarded 6.1 million euros (8.2 million dollars) in pay -- more than two years' salary -- and was also entitled to a non-competition indemnity package payable over two years worth 2.4 million more, according to company documents released Tuesday.

The company said the payoff was provided for in his contract.

Royal called the payments a...