Ex-Vodafone boss handed £4m pay package despite sacking for lacklustre performance
What’s actually happening:
Former Vodafone boss Nick Read took home more than £4m in pay and bonuses last year despite being ousted following a dramatic slump in the company’s share price.
Mr Read, who left Vodafone in December after four years as chief executive, received a payout of £3.9m in the year to March, which included a £900,000 annual bonus.
He was also handed £270,000 in the first three months of 2023 for his work advising the board and will be paid more than £730,000 over the remainder of his 12-month notice period.
He has a contract. Vodafone is obeying the law and stocking to the contract.
What does anyone want them to do? Break the contract?
People are all too willing for contracts to be broken when it suits their aims or point of view. Me personally, I prefer them to be enforced and enforceable.
Similarly, note the outrage when Isabel Oakshot ‘broke a NDA, isn’t she dreadful’:
https://inews.co.uk/news/politics/isabel-oakeshott-rejects-claims-broke-legal-agreement-publishing-matt-hancock-messages-2181740
compared to:
“The Philip Green injunction is proof that we need to get rid of NDAs for good”. https://www.independent.co.uk/voices/philip-green-injunction-nda-parliamentary-privilege-sir-sexual-harassment-racism-a8601581.html
If it weren’t for double standards etc……
True TBH. People are always adamant that contracts to their benefit must be unbreakable. But it is of course obscene racism NOT to break those to their detriment.
You’ll note how the ‘poor’ are all demanding that we pay their debts. (htps://www.theguardian.com/world/2023/jun/23/paris-climate-finance-summit-fails-to-deliver-debt-forgiveness-plan)
Here’s my impression of the British monopolies and mergers commission (Blairified in 1999 and somehow, well…):
“Zzzzzzzzzzzzzzzzzzzzzz”
As people used to say, why do we have only one Monopolies Commission?