Sacked FD wins compensation payout
Ric Piper has won an estimated £500,000 in compensation from news group Trinity Mirror after he lost his position as finance director with the company the day before he was to join.
Link: In profile: Ric Piper, ex-FD at WS Atkins
Piper brought a High Court action against the company for his pre-emptivedismissal, which was triggered by financial problems at WS Atkins, where he was previously FD.
A shock profit warning caused by the problematic introduction of new technology and the accrual of huge amounts of debt, both perceived to have happened during Piper?s tenure, caused a share-price crash at Atkins.
The case has now been settled out of court and the company said in a statement: ‘Trinity Mirror is happy to confirm that it does not believe thatMr Piper had any personal responsibility for the problems identified in the Atkins trading statement and is of the view that any criticism of Mr Piper in this regard would be unjustified. Trinity Mirror wishes Mr Piper success in his future career.’
It is thought the settlement included a full year’s salary of £300,000,compensation of £100,000 and another £100,000 in costs.
Trinity Mirror is still seeking a replacement for Piper.