The chief executive of the Londis store group has resigned after dropping his right to a controversial bonus scheme, the Times has reported.
Under the arranged deal Graham White and three other directors would have pocketed £20m between them after Londis merged with Irish firm Musgrave.
This merger has since fallen through due to shareholder opposition - they were only to get £10,000.
Accountancy firm KPMG has been brought in to handle a sale of Londis.
Mr White and the three other directors - Andrew Wallace, Terry Bedford and Denise Buller will still receive a total of £2m in compensation for dropping their rights to the £20m, the Times said.
Mr Wallace has joined Mr White in standing down from the Londis board; while Peter McNamara, the recently appointed vice chairman will temporarily head the company.
Potential buyers for Londis are reported to include Iceland owner Big Food Group and food retailer Co-op.
Home
~RS~q~RS~~RS~z~RS~23~RS~)
BBC NEWS CHANNEL
News services
E-mail this to a friend
Printable version
