Former Ernst & Young partner Trevor Birch stands to get a £2.25m golden parachute as chief executive of Chelsea FC if the club's new Russian owner decides to terminate his contract before it is up in 2007.
The chartered accountant signed a four-year 11 month service agreement with Chelsea in January for which he is being paid £500,000 a year.
If the club’s new owner Roman Abramovich decides to terminate the contract before it is up in 2007, Birch will still be entitled to the pay. He is also entitled to a £1,000 monthly car allowance, petrol costs, and private healthcare for him and his family.
And if Birch is dismissed for ‘failing to perform his duties to a standard reasonably satisfactory to the board of Chelsea Village,’ he would received 18 months of pay.
But critics say Birch’s pay is already unusually high for a small, loss-making company and that the payoff is similar to those paid to long-serving executives of quoted companies.
The numbers you crunch tell a story. Your expertis...
21yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article