£760,000 extra for Hutchings

12 April 2012

FORMER Tomkins boss Greg Hutchings was paid £762,000 last year - even though he quit in 2000.

It was part of an out-of-court settlement that ended a legal row between the engineering giant and Hutchings in December. He quit amid allegations of corporate excess involving four jets, a helicopter and two company flats in London as well as putting his wife and housekeeper on the payroll,

Hutchings sued Tomkins over his entitlement to 2.9 million shares held in various incentive schemes.

These were released as part of the settlement. But the annual report reveals that a £762,000 slice of these shares 'had not previously been included in directors' remuneration-The balance of Hutchings' shares are worth about £6.1 million.

The annual report also reveals that former chief operating officer David Snowdon received a £450,000 pay-off on top of his £542,000 salary and bonus when he left last month.

Hutchings' successor, Jim Nicol, has vowed to link senior managers' pay to improvements in company performance. He has a three-year deal potentially worth £36 million.

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