Finance director quits GrandMet

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Gerald Corbett, finance director of Grand Metropolitan, is to leave the company with a pay-off of almost pounds 600,000. His departure had been expected after no suitable role had been found for him at GMG Brands, the new company that will be formed from the proposed pounds 23bn merger between GrandMet and Guinness. Mr Corbett was paid a salary of pounds 285,000 last year and was on a two-year contract.

However, the timing of his departure surprised some in the City who said that if the deal was blocked, GrandMet would find itself without a finance director. Mr Corbett lost out to Guinness's Philip Yea in the battle for the finance director position at GMG Brands. He was offered the post of strategy director but turned it down. The company said he had since received "several offers".