BusinessCompany NewsBosses reap rewards of Warner Chilcott sale

Bosses reap rewards of Warner Chilcott sale

The sale of one of Ireland's largest companies, Warner Chilcott, to two US investment banks will result in significant payouts to its executives.

Link: Boardroom pay deals race ahead

Chief financial officer Geoffrey Elliott, a former partner with accounting firm Magee Todd & Vaughan, will receive £47m for his stake the pharmaceutical producer.

And executive chairman John King will walk away with £124m after agreeing to the sale of the firm for £1.62bn to private equity funds controlled by JP Morgan Chase and Credit Suisse First Boston.

According to reports in The Daily Telegraph, Warner Chilcott shares jumped 36 to 873p in trading yesterday, indicating investors think a higher bid is possible. In September, the shares were trading at 648p.

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