A second high-profile finance director has left with a large payoff in the space of a week.
Following John Warren’s departure and £400,000 compensation package as group FD of embattled retailer WHSmith, Alistair Rae, FD of infrastructure services group, Jarvis, is leaving the company with a payoff and bonuses totalling £225,000.
According to the company, this is because he does not want to relocate to its new headquarters in York.
However, his replacement, Alasdair Marnoch, the new chief financial officer, will not have to make the northern commute, as it is understood that he will divide his time between the office in York and London, where the main finance function will be based, reported the Daily Telegraph.
The paper quoted chief executive Alan Lovell as saying Rae had been ‘central to the group’s success in maintaining the support of its lenders’, and that in January the group – which has £240m net debts – won a 12-month lifeline from its banks.
Rae will receive a payoff of £100,000 and a further £125,000 in bonsuses for assisting with Jarvis’s restructuring.
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