View from City Road: Nice pay-off if you can get it

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The Independent Online
Burton Group shareholders will no doubt be delighted to wish Richard North, its departing finance director, every success in his new job at Bass. It is a pity that Burton did not restrict itself to good wishes, too.

His pounds 310,000 pay-off always looked odd, given that the departure was entirely amicable. That he will walk immediately into another highly paid job makes it doubly so.

The only justification for a golden handshake - and a tenuous one at that - is to give a breathing space to allow the departing executive time to find a new job. That was clearly unnecessary in Mr North's case. The payment was, too.

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