British Energy boss bows out
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Manufacturing News, Source : TheManufacturer.com
Published : 29 Nov 2002 10:23
Robin Jeffrey, executive chairman of beleagured British Energy, was yesterday sacked by the the Trade and Industry Secretary.
Patricia Hewitt said that he should appreciate that tax payers, shareholders and creditors have made significant losses and that his ‘golden handshake’ should reflect that fact.
It has been reported that Mr Jeffrey will receive a minimum pay-off of £336,000 plus a pension of £150,000 a year.
British Energy shareholder are likely to end up owning just 5-10 per cent of the company as a result of the bail-out plans. Lenders have been hit hardest by the plans as they have been asked to exchange the £1.3 billion debt for a mixture of shares and around £425 million of new bonds.
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