Investors back Argos's pounds 540,000 man
Wednesday 11 February 1998
Mr Rose will receive the money - an annual salary of pounds 320,000, a supplement of pounds 40,000 and a joining fee of pounds 180,000 - even if Argos capitulates to the pounds 1.6bn hostile bid from Great Universal Stores.
One fund manager said: "I think it is quite modest. He could have negotiated for more." Another referred to Mr Rose's pay deal as "miraculously low given the circumstances".
Another referred to comments that Mr Rose would only have to add 0.2p to the Argos share price to cover his remuneration. "I think he probably will deliver an increase in shareholder value and so the deal will not look excessive. If he gets you the extra cash then it is not too outrageous. He has to lead the defence and possibly run the company."
Institutions said Argos had done the right thing by bringing in an experienced retailer to defend against the bid. Chief executive Mike Smith is seriously ill.
One said: "This is a plus for Argos and a minus for GUS on the present terms. The board has acted sensibly because they would have been fighting the bid with one arm tied behind their back without a full-time chief executive."
Institutions said Mr Rose was a good choice and highly regarded, even though he had had a low profile when he was a director at Burton Group until his departure in July.
GUS's cash offer is pitched at 570p per share, compared to a closing Argos price of 626p, unchanged yesterday. Mr Rose spent yesterday seeing institutions and in meetings with Schroders, the group's adviser.
- 1 Barbarians vs Samoa interrupted by sprinklers as fans criticise lack of Wi-Fi and poor seating at West Ham's Olympic Stadium
- 2 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 3 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
- 4 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
- 5 David De Gea to Real Madrid: Real finally get their man with £29m bid for Manchester United goalkeeper
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Turkey duped the US, and Isis reaps rewards
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...