Big payoff for Pearson US chief
Wednesday 08 April 1998
David Veit will retire from the board at the group's annual general meeting in May, at the age of 59. However, Pearson's annual report discloses that Mr Veit's contract has been terminated early, triggering a payoff equivalent to one year's salary.
Since 1985, Mr Veit has been Pearson's most senior director in the US. He also served as deputy managing director to Frank Barlow, who retired last year.
Mr Veit was closely involved with the catastrophic acquisition in 1994 of Mindscape, the computer games firm, in 1994. Pearson spent about pounds 300m buying and building up the business, only to watch it crash into the red. Mindscape was eventually sold for pounds 90m last month.
As head of Pearson in the US Mr Veit was also ultimately responsible for Penguin USA, the American arm of Pearson's publishing subsidiary, though he was not involved in the day-to-day running of the business. Last year, Pearson uncovered an elaborate accounting fraud at Penguin USA and was forced to take a pounds 100m charge against its profits.
Mr Veit was paid a total salary of pounds 392,000 in 1997, a 29 per cent increase on the previous year. On retirement, he is entitled to a pension of pounds 218,000 a year.
- 1 Kim Jong-un shows off airport designed by architect he likely had executed
- 2 Michael Douglas regrets 'embarrassing' Catherine Zeta-Jones with oral sex comments
- 3 Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
- 4 Tunisian builder has been hailed a hero after knocking gunman to the ground with roof tiles
- 5 German ethics council calls for incest between siblings to be legalised by Government
Michael Douglas regrets 'embarrassing' Catherine Zeta-Jones with oral sex comments
Kim Jong-un shows off airport designed by architect he likely had executed
Tunisia hotel attack: Locals form 'human shield' to protect hotel from gunman Seifeddine Rezgui
Tunisian builder has been hailed a hero after knocking gunman to the ground with roof tiles
Greece debt crisis: Athens has one day to find €1.6bn
The moment a Queen's Guard soldier lost it and drew his gun at annoying tourist
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Extend Right To Buy to tenants of private landlords, Labour's Jeremy Corbyn says
David Cameron struck double blow in his hopes to win Britain a new EU deal
Pentagon accuses Russia of 'playing with fire' over nuclear threats towards Nato
iJobs Money & Business
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...
£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...
Negotiable: Recruitment Genius: This extremely successful and well-established...
Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...