PHILIP GREEN has axed two directors of Sears days after winning control of the struggling retailer. David Defty, the finance director, and Roger Groom, property director, will depart with a combined payoff of pounds 1m.
Mr Defty, who considered launching a management buyout of the company, receives a total of pounds 728,000. This consists of pounds 453,410 payment for termination of employment, a "loyalty bonus" of pounds 220,000 and a discretionary bonus of pounds 55,000, on top of his annual salary of pounds 220,000. Mr Defty joined Sears in June 1994 on a two-year contract. Mr Groom receives a total of pounds 318,368 made up of pounds 268,368 severance pay plus a pounds 50,000 payment to his pension fund. He had been with Sears since February 1991 and was also on a two- year contract.