Laura Ashley pays Maxmin pounds 1.2m

Click to follow
The Independent Online
JIM MAXMIN, who left as chief executive of Laura Ashley following a dispute, has been paid pounds 1.2m compensation for loss of office, writes Heather Connon.

Mr Maxmin, paid pounds 399,000 in the year to 29 January under a two- year rolling contract, had been expected to receive about pounds 800,000 compensation. The extra pounds 400,000 is pension, to be paid in a lump sum later this year.

A company spokesman said the compensation was determined by the remuneration committee. '(Mr Maxmin) left a very good job at Thorn EMI to go to Laura Ashley and the contract agreed with him was obviously a good one.'

Hugh Blakeway Webb, the chairman who is also acting as chief executive, is reviewing the management structure.

The group also announced yesterday that Denise Lincoln, global human resources director since 1992, is leaving. She is likely to be paid about pounds 200,000 compensation under her 18-month contract.

The spokesman said the departure was 'by mutual agreement'. It is believed that she was recruited by Mr Maxmin, but the job was not now felt to merit a seat on the board.

View from City Road, page 29

Comments