BusinessCorporate FinanceEx-Morrisons FD was given half a million pounds

Ex-Morrisons FD was given half a million pounds

Martin Ackroyd, who was forced to resign last year after a string of profit warnings at the supermarket chain, still received a massive payout

Martin Ackroyd, the former finance director of Wm Morrison, received a
payment of £505,796 plus 12 months’ pension funding when he left the company,
its full-year report has revealed.

Chief executive Bob Stott is also in line for a £1.42m payoff when he steps
down later this year, and he will continue to work for the company as a
consultant.

Despite a tough year for Wm Morrison, Stott’s payment is worth twice his
current salary, profit share and benefits. A source quoted in The Times
said his payout reflected his achievements: ‘Bob has had over 20 years’ service
and oversaw the UK’s largest ever store conversion programme’.

The group has been looking for a new CEO since October.

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