The Herald reports that Philip Bowman, who has been chief executive of ScottishPower for 13 months, is in line to receive £4million in cash and shares when it is taken over by Iberdola .
Unlike us mere mortals Bowman's contract with ScottishPower included detailed provisions to protect his financial position in the event of a takeover. The Herald estimates Bowman is entitled to receive a year's salary of £700,000, a bonus of £1,050,000 and £300,000 in lieu of pension contributions. He owns shares worth £1.9million based on the Iberdrola offer.
Bowman previously received £17. 6 million when Allied Domecq was sold to Pernod Ricard .
The Observer newspaper reported that ScottishPower finance director Simon Lowth would also receive a year's salary (£460,000) and a bonus of the same amount if he left following the takeover by Iberdrola. Lowth has shares worth around £2.7million .
Not bad for some , eh , when many are struggling to pay heating and lighting bills ?
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
Showing posts with label Philip Bowman. Show all posts
Showing posts with label Philip Bowman. Show all posts
Monday, March 05, 2007
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