FORMER Superglass chief executive Alex McLeod has received a £40,000 payment for loss of office, according to the company’s annual report.
It was announced in March this year that Mr McLeod was to leave the insulation manufacturer.
He had spent five years as chief executive of the Stirling business with the parting of ways described as by “mutual agreement” at the time.
The recently published annual report shows Mr McLeod had a 12-month notice period and received a total of £232,000 remuneration in the financial year to the end of August.
As well as the loss of office compensation his package included salary of £147,000, a bonus of £15,000, benefits worth £11,000 and pension contributions to the value of £19,000.
Mr McLeod’s total remuneration in the prior year was £195,000.
AIM-listed Superglass, which employs around 150, reported a pre-tax loss of £9.4 million in the most recent financial year, compared to a £6.8m loss in 2014.
Revenue fell from £23.5m to £20.8m which the business attributed to the planned exit from some lower margin work in export markets along with deteriorating levels of activity in Government-backed insulation schemes.
The annual report shows Mr McLeod’s replacement Ken Munro, who took charge in June, received remuneration of £71,000.
That included a £36,000 salary and a £25,000 bonus along with £5,000 of pension payments and a further £5,000 of benefits.
Finance director Chris Lea got £174,000 in total including a £110,000 salary and £35,000 bonus. His total package in the prior year was £143,000.
The company pointed out that bonus payments related to personal targets reduce by 50 per cent if pre-tax profit levels are not met.
In the annual report it said: “The board recognises that the company’s continuing success depends on the quality and motivation of its employees.
“The group aims to ensure that its remuneration packages are competitive so that they align the interests of shareholders, directors and senior executives and attract, retain and motivate high calibre individuals, rewarding the executive directors fairly for their contributions, whilst remaining within the range of benefits offered by similar companies.”
According to documents at Companies House Mr McLeod is now a director of Buckinghamshire building supplies business Crendon Timber Engineering. He is listed as managing director on the firm's website.
Mr Munro has stated Superglass is moving towards a brighter future as it supplies into housebuilders and construction markets rather than relying on government insulation schemes.
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