David Prosser: The chief executive who set an example
Outlook It is easy enough to throw mud at fat-cat executives who desert a sinking ship with generouspay-offs – and goodness knows there have been enough of them over the past couple of years – so we should be gracious on the odd occasion when someone does the right thing. Step forward Jamie Buchan, chief executive of Southern Cross.
Mr Buchan has his critics, who complain that he should have been savvier in his negotiations with the nursing home operator's landlords, or improved the quality of its services sufficiently to drive up its occupancy rates to levels that would have eased Southern Cross's financial woes. What one can't do, however, is blame him for the disastrous sale-and-leaseback business model, which Mr Buchan inherited.
It is clear that Mr Buchan could have left Southern Cross back in June, taking a generous severance payment and avoiding a depressing summer organising an orderly wind-up of the company. Good for him for not doing so – it is an example that plenty of other executives at the top of British business ought to follow.
In pictures: Saturn images from Cassini probe as it prepares to turn lens towards Earth
Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
New banker bonus boom: Payouts leapt 64% to new record when Chancellor George Osborne cut top-rate tax to 45p in April
'There's something quite unpleasant going on': Nigel Farage confronted for second time on visit to Scotland ahead of Donside by-election
World news in pictures
- 1 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 2 Mike Ashley wants blood after last season's trauma at Newcastle - and it won't stop with Derek Llambias
- 3 Richard Nieuwenhuizen death: Six teenagers and 50-year-old father convicted of manslaughter in shocking case of referee killed over a game of football
- 4 Exclusive: Newcastle's star talent-spotter on brink as Joe Kinnear sparks walkout
- 5 Vast methane 'plumes' seen in Arctic ocean as sea ice retreats
iJobs Money & Business
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
£600 - £750 per day: Orgtel: FATCA Project Manager - Banking - London - £600-...
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...