Directors set for pounds 4m

The two most senior directors of Fisons stand to collect almost pounds 4m if yesterday's Rhone-Poulenc bid goes ahead.

Chief executive Stuart Wallis, who has been in his post for less than a year, will receive close to pounds 2.6m. About pounds 400,000 of that will come as compensation for early termination of his contract and the rest from early payment of share options.

Finance director David Hankinson, with the company for almost 20 months, will be able to exercise share options valued at pounds 1.3m, making a profit of pounds 585,000 at the offer price.

He will also receive his third payoff in as many years.

Mr Hankinson received pounds 352,000 after leaving Lucas in March 1992 and walked into a new job at Ranks Hovis McDougall on a pounds 160,000 contract, just days before it became the subject of a bid from Tomkins, and left in 1993 with a payoff thought to have been around pounds 400,000.

Meanwhile Mr Wallis, who joined Fisons last September, was granted options over 888,000 shares at 126p in October. He had to bite his nails as the shares slumped to a low of 107p at the beginning of this year, but almost immediately the shares started to climb as Mr Wallis unfolded his radical plans for restructuring the group and since then the price has never looked back. At the Rhone-Poulenc Rorer offer price of 240p a share, he now stands to make a profit of just over pounds 1m on the exercise of the options.

This would come as a substantial dollop of cream on top of a payoff likely to be worth at least one-and-a-half times his salary of pounds 280,000 last year.

It is a tidy sum for less than a year's work, even if Mr Wallis has won plaudits from the City for his radical, even revolutionary, approach to Fisons' problems by selling off peripheral activities, including the research and development operations seen in the industry as the heart of a pharmaceutical company's activities.

It is a role which is a far cry from his origins in a Welsh village. The son of a surveyor, he contracted polio at the age of nine, but early on showed his determination by fighting back to a full recovery. After qualifying as one of the youngest chartered accountants at the age of 21, he joined Chrysler.

From there he built a reputation as a trouble-shooter at firms including the business services group Hestair and Octopus Publishing.

He spent six years at Bowater, the paper and packaging group now called Rexam. That time was marked by a near tenfold increase in the company's market capitalisation.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
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

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Day In a Page

The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn
Yvette Cooper: We can't lose the election. There's too much on the line

Yvette Cooper: We can't lose the election. There's too much on the line

The shadow Home Secretary on fighting radical Islam, protecting children, and why anyone in Labour who's thinking beyond May must 'sort themselves out'
A bad week for the Greens: Leader Natalie Bennett's 'car crash' radio interview is followed by Brighton council's failure to set a budget due to infighting

It's not easy being Green

After a bad week in which its leader had a public meltdown and its only city council couldn't agree on a budget vote, what next for the alternative party? It's over to Caroline Lucas to find out
Gorillas nearly missed: BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter

Gorillas nearly missed

BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter
Downton Abbey effect sees impoverished Italian nobles inspired to open their doors to paying guests for up to €650 a night

The Downton Abbey effect

Impoverished Italian nobles are opening their doors to paying guests, inspired by the TV drama
China's wild panda numbers have increased by 17% since 2003, new census reveals

China's wild panda numbers on the up

New census reveals 17% since 2003