Chisholm tops league of directors who depart with golden goodbyes

DESPITE CALLS for restraint from the Government, company directors continue to be awarded lavish golden handshakes, according to research published yesterday.

The former chief executive of BSkyB, Sam Chisholm, topped this year's league table with a parting gift of pounds 2.8m. After leaving his full-time post in 1997 after seven years, he continued as boardroom part-timer until May when he received his huge "bonus" because his contract was ended early.

As Stephen Byers, Secretary of State for Trade and Industry, yesterday repeated his attack on boardroom excess in a speech to the annual conference of the CBI, the Labour Research Department released its annual survey which showed that a total of 126 directors left their jobs with "golden goodbyes" of pounds 100,000 or more. Four of them received over pounds 1m, the union- funded organisation found in its survey of company reports with financial years ending at or after June 1998.

The research group pointed out that the valedictory payments were not even the reward from a grateful company sorry to lose a director's services.

David Norman resigned as chief executive of BNB Resources, the recruitment group, over "differences of opinion" and walked away with pounds 796,000. Martin Greenwood received pounds 185,463 when he left his chief executive's post at DNB Resources by "mutual consent" and Philip Rogerson was paid pounds 200,000 when he quit the board of BG, the energy group, "by reason of redundancy".

The LRD report argues that some golden handshakes did not even reflect long service. Martin Taylor had been chief executive of Barclays Bank for around four years before leaving with pounds 1,588,000. He has since become part-time chairman of WH Smith on pounds 150,000 a year.

Over the last few years George Greener received two payments for leaving two companies worth a total of nearly pounds 2m. He resigned as chairman of Allied Dunbar with a pounds 1,291,719 handshake, according to LRD's 1997 survey and left Hillsdown Holdings with pounds 643,000 in the latest study.

Other beneficiaries of what LRD calls the "rolling corporate gravy train", were Deryk King who, having pocketed a pounds 1m handshake, joined the board of Ellis & Everard; John Garrett, who left Rank with pounds 600,000 and became part-time chairman of Waterfall Holdings and Stephen Davidson, who left Telewest with pounds 500,000 and joined the board of Enic, the leisure investment group.

The second-highest payment of pounds 1,709,493 was received by William Grant when he left SmithKline Beecham, the third by Mr Taylor of Barclays and the fourth by Charles Wightman of Walker Greenbank, who got pounds 1.3m.

Voices
On the last day of campaigning before the polling booths open, the SNP leader has written to voters in a final attempt to convince them to vote for independence
voicesIs a huge gamble on oil keeping the First Minister up at night?
Sport
A 'Sir Alex Feguson' tattoo
football

Arts and Entertainment
Liam Neeson said he wouldn't
tv

Liam Neeson's Downton dreams

Voices
voicesApple continually kill off smaller app developers, and that's no good for anyone
PROMOTED VIDEO
Arts and Entertainment
Ben Whishaw is replacing Colin Firth as the voice of Paddington Bear
tv

Thriller is set in the secret world of British espionage

Life and Style
life

News
ScienceGallery: Otherwise known as 'the best damn photos of space you'll see till 2015'
Travel
travelWhy Japan's love hotels are thriving through an economic downturn
Life and Style
fashion

Bomber jacket worn by Mary Berry sells out within an hour

Life and Style
Alexander McQueen A/W 2014
fashionPolitics aside, tartan is on-trend again this season
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Rapper Jay Z performs on the Pyramid Stage at Glastonbury in 2008
musicSinger sued over use of the single-syllable sample in 'Run This Town'
Sport
Joel jumps over the board...and into a giant hole
footballFrom joy to despair in a matter of seconds
News
i100
Arts and Entertainment
Pointless host Alexander Armstrong will voice Danger Mouse on CBBC
tv

Much-loved cartoon character returns - without Sir David Jason

Arts and Entertainment
Meera Syal was a member of the team that created Goodness Gracious Me
tv

Actress to appear in second series of the hugely popular crime drama

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SQL Developer - Watford/NW London - £320 - £330 p/d - 6 months

£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Head of Audit

To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...

Audit Manager Central Functions

To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...

Credit Risk Audit Manager

Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...

Day In a Page

Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week