Kingdon cashes in at Kensington

Simon Kingdon, the former finance director of Kensington Group, took home a £2m pay package after working at the company for only 10 months.

The mortgage provider paid Kingdon, who moved to lenders Money Partners, £313,000 in salary, bonuses and benefits and £1.7m for the exercise of long-term share options.

The Daily Telegraph reports that Kensington was satisfied with the arrangement, as it is a minority shareholder in Money Partners, sits on the board and holds an option to buy out the Money Partners management.

Kensington reported an increase in pre-tax profits from £30m to £37.1m for 2004.

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