BusinessPeople In BusinessEx-InterContinental chief’s £1.1m windfall

Ex-InterContinental chief's £1.1m windfall

InterContinental Hotel's former chief executive, Richard North, has received a £1.1m windfall after selling his shares in the group and could be in line for a further £1m payoff when he finally leaves the group later this week.

Link: Yell FD pockets £5m in share sell-off

The former Coopers & Lybrand accountant severed his ties with the hotel chain by offloading his 179,961 shares at 633p each. He left the top job following a boardroom coup two weeks ago through ‘mutual consent’.

North was still very shocked with the board’s decision, according to the Independent. He was initially appointed to the role from his position as finance director at Six Continents, but despite finding favour with the city, chairman David Webster said the group needed ‘different leadership skills’.

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