Ousted Fisher chief's pounds 1.1m payoff

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The Independent Online
NEIL ENGLAND, ousted as chief executive of the Albert Fisher food group last month, is in line for a payoff of pounds 1.1m, it emerged yesterday. The sum will fuel the "rewards for failure debate" as Mr England presided over a halving of Albert Fisher profits and a share price collapse during his two-year tenure as chief executive.

According to the company's latest annual report, Albert Fisher has struck a deal with Mr England under which he will be paid up to pounds 470,850 in the current year, pounds 565,020 next year and pounds 94,170 the year after. The company said the payments would cease if Mr England found another job, although it will have to make up the difference for two years if the new salary is lower.