Green axes two Sears directors
Thursday 28 January 1999
Mr Defty, who had been interested in 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. This is in addition to his annual salary of pounds 220,000. Mr Defty joined Sears in June 1994 and was employed 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. Sir Bob Reid, the Sears chairman who initially rejected Mr Green's bid, is not eligible for compensation.
Mr Green has left the divisional directors in place. They are Derek Lovelock, who runs the clothing businesses such as Miss Selfridge, Adams and Wallis, and John Pearmund, who runs the Freemans mail-order operation.
The compensation details were included in the offer document relating to the recommended pounds 548m offer for Sears launched by January Investments, a company fronted by Mr Green and backed by the Barclay brothers.
Mr Green is expected to take a close look at head office costs at Sears, but has yet to come to any decision.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...