It emerged yesterday that the cost of axing the four executive directors at Marks & Spencer has reached £3m through payment of settlement packages.
The former chairman Luc Vandevelde received the equivalent of his year’s salary of about £585,000, despite the fact he had made it clear he wanted to leave the business.
The former clothing director, David Norgrove, received a £754,000 pay-off, and The Independent reported today that Vittorio Radice, who will leave today after just 15 months with the company, will receive as much as £828,000.
Meanwhile Philip Green continued contemplating his options yesterday, and will await feedback from his advisers who have promised to sound out major shareholders of the company by today.
The former chairman Luc Vandevelde received the equivalent of his year’s salary of about £585,000, despite the fact he had made it clear he wanted to leave the business.
The former clothing director, David Norgrove, received a £754,000 pay-off, and The Independent reported today that Vittorio Radice, who will leave today after just 15 months with the company, will receive as much as £828,000.
Meanwhile Philip Green continued contemplating his options yesterday, and will await feedback from his advisers who have promised to sound out major shareholders of the company by today.
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