MyTravel directors to get £2.4m
MyTravel told shareholder yesterday at its annual meeting that it had reached settlements with three former directors, who left after discovering a £50m accountancy hole last year.
Former finance director David Jardine will receive £840,000, former chief executive Tim Byrne £1.2m, and former head of development Richard Carrick £360,000.
Peter McHugh, the new chief executive tried to calm shareholder disappointment by pointing out that protracted litigation could have resulted in even higher payments, the Times reported today.
MyTravel’s £50m accountancy hole was related to premature booking of holiday deposits and insurance.