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Roderick's parachute shrinks
Page 13
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Cl RISHAN SALVESEN has agreed to pay former chief executive Edward Roderick about £450,000. Roderick's two-year notice period implied a pay-off of £810,000 in basic pay alone; it is not clear why Roderick settled for less.
He says he is satisfied with the deal but cannot talk about the details because he has signed a confidentiality agreement.
The company says the deal "broadly" represents one year's salary and benefits, adding: "Both parties have been mindful of their obligations in respect of mitigation."
The company statement had been agreed by Roderick and Christian Salvesen before it was released at the company's AGM in Edinburgh on 15 July.
Roderick was sacked by Salvesen at the end of May following a series of profit warnings and trading problems. He says he has had "a variety of different offers".