Ousted Amoco executive to receive $6m payoff

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The Independent Online
A TOP executive of Amoco who is being forced out of the company following the merger with BP is to receive a payoff totalling nearly $6m.

The payment to Bill Lowrie, who is quitting as deputy chief executive, is equivalent to three years' salary plus his entitlements under long- term incentive schemes.

Mr Lowrie, the biggest casualty so far in the merger, was paid just over $1m last year, and BPAmoco's 1998 annual report shows that he also holds share options worth pounds 16.6m.

The annual report also reveals that four former non-executive directors of Amoco are sharing in special payments of nearly $900,000 "in recognition of service to the Amoco board". In two cases, the payments are each worth $304,000, not including their annual directors' fees.

Larry Fuller of Amoco, who retires as co-chairman of the combined group in March next year, has share options currently showing a profit of pounds 36m. Last year he received a salary of $1.67m and also netted a profit of pounds 1.1m through the sale of share options.

Sir John Browne, BPAmoco's chief executive, earned a total package of $2.85m, made up of $1.5m in salary and bonuses and a $1.33m award under the group's long-term performance plan. For the current year, his potential long-term bonus is worth $1.137m.

The total value of shares that may be awarded to senior BPAmoco executives this year under the long-term scheme is $48m.

Senior executives are also in line to receive annual performance bonuses this year worth 70 per cent of their base salaries. Last year, when BPAmoco's financial performance was hit by the slide in oil prices, the annual bonus was 55 per cent.