£556,000 paid at Grand Met
Ian Martin, a former deputy chairman of the Burger King to Haagen Dazs group, is to receive £556,000 in lieu of his contract, which was due to expire in February 1997.
Mr Martin was named yesterday as the new non-executive chairman of Unigate, the dairy products group, where he will be paid £175,00 for a two- or three-day week.
Mr Martin stepped down from the Grand Met board in 1994 but has been working as a consultant on a salary of around £450,000. One analyst said the payoff was certain to cause controversy, saying "they tend to look after themselves". The company denied that the payoff was excessive. "It was an agreement by both sides and both will benefit. We're not paying the full two years and he gets a clean break to start at Unigate."
Mr Martin retains his position as chairman of Genisla Group, established in 1994 to examine European investment opportunities for the US buyout specialist, Kohlberg Kravis Roberts.
His appointment at Unigate ends a year-long search for a new chairman by the dairy group, caused by the death of Sir Brian Kellett in January 1994. Ross Buckland, chief executive, took over the chairmanship in the interim.
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
British man arrested after children's throats slit in France
World news in pictures
'Swivel-gate': David Cameron goes to war with the press over 'swivel-eyed loons' slur
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
- 1 Heading for America? Prepare for the longest US immigration queues ever
- 2 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 'Swivel-gate': David Cameron goes to war with the press over 'swivel-eyed loons' slur
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...