Cordiant disputes Saatchi's bonus
Tuesday 16 May 1995
Maurice Saatchi's bonus for 1994, believed to be as high as £100,000, is the subject of legal proceedings tied to his acrimonious departure late last year from Cordiant, the new name of the Saatchi & Saatchi holding company.
Cordiant has refused to pay the bonus, which would have accompanied a salary of £233,339, because of the legal proceedings launched against Mr Saatchi following his decision to establish a competing firm, dubbed New Saatchi, early this year.
Jeremy Sinclair, the former chairman, has also not received his bonus, which was to accompany a salary last year of £275,000.
A spokesman for Cordiant would not confirm the size of Mr Saatchi's disputed bonus, but said it would have been in line with the "performance of the company last year."
Charles Scott, Cordiant's chief executive, earned £300,000 last year, and was awarded a bonus of £137,213, up from £20,598 a year earlier. Along with pension benefits and benefits in kind, Mr Scott earned a total of £475,570 in 1994, up from £365,537 a year earlier.
Reports of the salary and bonuses for Mr Saatchi in Cordiant's annual report, published yesterday, are annotated with the statement that the bonus is "currently the subject of legal proceedings."
Neither New Saatchi nor Cordiant would comment directly on the bonus.
Mr Saatchi's New Saatchi has been locked in a bitter battle with Cordiant to win business. It has succeeding in wresting several high-profile accounts.
The legal wrangling between the two firms is due to resume in court in June. Cordiant is disputing the terms under which Mr Saatchi, along with key former executives of Cordiant, has establish his rival firm.
Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
$125 - $175 per annum: Carlton Senior Appointments: Senior Wealth Manager In...
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...