According to the Financial Times, the troubled telecommunications group is believed to be set to pay the benefits in addition to the £600,000 it has already paid to the former director who had expected to become chief executive this year.
The company has stressed it could do nothing about the pension pay out, though it described suggestions that Mayo could have received a benefit of £950,000 as ‘wildly inaccurate’.
Mayo was forced to resign from the telcom equipment manufacturer in the summer after the comapny issued a dire profits warning and announced thousands of job cuts.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016