pounds 2m package for former Shandwick chief

DERMOT McNulty, former chief executive of Shandwick International, is set to receive a package of more than pounds 2m from the PR firm despite presiding over a slump in the value of the group and being forced out of his job.

He received a pay-off of almost pounds 1.2m, according to the group's annual report published yesterday, and is also entitled to cash in share options which are currently worth more than pounds 400,000. The payment comes on top of Mr McNulty's total pay package of pounds 425,176 for the year to October.

Larry Kaplan, another director of Shandwick, received almost pounds 500,000 on leaving the group and can cash in options worth in excess of pounds 120,000.

He received pounds 195,895 last year including a bonus of pounds 22,320 relating to the performance of the group's North American division.