Green axes two Sears directors

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The Independent Online
Green axes two Sears directors

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.