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.
Malaysia Airlines plane crash exposes alarming flaw in airline security: over one billion flights made last year without stolen-passport check
International Women's Day 2014: The shocking statistics that show why it is still so important
Teacher shows sex tape featuring herself to pupils during class by mistake
Swarm of killer bees sting woman 1,000 times
Dead woman's body lay decomposing in garage for six years before she was found
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 Teacher shows sex tape featuring herself to pupils during class by mistake
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 5 Swarm of killer bees sting woman 1,000 times
iJobs Money & Business
£42000 - £45000 per annum + Benefits: Pro-Recruitment Group: Big 4 - Specialis...
£500 - £600 per day: Harrington Starr: Agile Scrum Master Certified Scrum Mast...
£45000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£50000 - £60000 per annum + Bonus and Benefits: Harrington Starr: Harrington S...