FORMER Weir Group chief executive Keith Cochrane is to receive compensation of more than £770,000 following his departure, writes Kevin Scott.

Mr Cochrane received £298,531 in salary, benefits and bonus payments between leaving his role on September 30 and the December 31, when his employment at the Glasgow-based engineering group ended.

In addition, he will receive a payment in lieu of notice (PILON) of £472,788.

Weir Group’s annual report shows that Mr Cochrane was awarded a total remuneration package of just more than £1m for the nine months he was in position.

He was awarded a total bonus for the year of £498,104 and received £448,294 following the application of a discretionary ten per cent reduction. The bonus was paid for the full year. Mr Cochrane’s total package for 2016 was £1.3 million, up 23 per cent on the previous year, and does not take into account the PILON payment.

This is calculated on the salary he would have received for 2017, plus ten per cent of that salary in lieu of benefits. The payment is subject to mitigation should Mr Cochrane find another position.

When his resignation was announced in July, Mr Cochrane said he was “looking for the next opportunity” with Weir becoming “a bit samey”.

Mr Cochrane will also be eligible for a bonus in the current financial year, pro-rated to July 28 2017.

His replacement as chief executive, Jon Stanton, received a total package of £841,868, which included nine months as chief financial officer. His salary for 2017 is £650,000.

Last month Weir said it had returned to profit in 2016.