BusinessCompany NewsBirthday payout for former Shell CFO

Birthday payout for former Shell CFO

Former Royal Dutch/Shell chief financial officer (CFO) Judy Boynton will receive a £1.5m severance package from the group just in time to celebrate her 50th birthday this week.

Link: Shell committed ‘unprecedented misconduct’

The Financial Times reports that Boynton, who resigned as CFO in April 2004 in the wake of Shell’s reserve reporting fiasco, will receive a $1m (£521,945) cash severance payment as well as a $984,225 (£523,879) lump sum pension entitlement.

It was also revealed that previously allotted shares priced at £550,000 would be released to Boynton as part of her leaving package. In addition to this stock, Boynton can exercise options on 140,000 shares valued at $81.30 (£43.27) and 70,000 shares quoted at $40.60 (£21.60).

Although Shell chairman Sir Philip Watts and exploration and production head Walter van de Vijver where sacked when the details of the inaccurate reserve reporting surfaced, Boynton was kept on as a projects adviser to CEO Jeroen van der Veer. She finally left the group on 31 December last year by mutual agreement.

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