iSoft boss takes £700,000 pay-off
Whiston walks off with £700,000 amidst crisis at the IT group
Tim Whiston, the former chief executive of battered IT group iSoft, was paid
almost £700,000 depsite the dismal performance of his company.
Whiston was forced to step down from his position after imprudent revenue
recognition and the use of an off balance sheet credit facility forced iSoft to
write-off millions of pounds of profits.
The company’s share-price has almost halved as a result, and the company is
facing an FSA investigation.
In the group’s annual report it was disclosed that Whiston received £552,000,
the equivalent of a year’s salary and pension benefits, and £132,685 for
deferred bonus shares.
Whiston was a former iSoft finance director and was one of the founding
members of the company, which was bought out from KPMG.
The annual report also revealed that iSoft’s auditors Deloitte were not able
to sign off the group’s accounts because insufficient information was available
to them to form an opinion.