MyTravel FDs land 'fat cat' pay-offs
The finance directors of troubled tour operator company MyTravel received big pay-offs when they left the company - despite the fact the firm had lost hundreds of millions of pounds.
Link: MyTravel FD steps down
Claims in The Observer newspaper, state that Kazia Kanto, who quit as finance director last August after nine months in the job was paid £606,000.
This was the equivalent to 23 months of her base salary despite being on a 12-month contract.
Her predecessor David Jardine received £844,000 after less than three, equal to 27 months’ salary. He was on a 24-month contract.
MyTravel said the payments included entitlement to benefits. Criics claimed the payments were ‘rewards for failure’.
Last December MyTravel, formerly known as Airtours, posted a loss of £910.9m.