Chrysalis Director Payoffs

Chrysalis is no stranger to director payoff issues, as reported in the Daily Telegraph last year. This year’s annual report is equally revealing.  During 2008 Michael Connole received compensation for loss of office of £410,000, while Richard Huntingford received compensation for loss of office of £984,000. Following settlement of the legal dispute over the potential bonus due to him in relation to the disposal of Chrysalis Radio, Huntingford also received a payment of £800,000 and a contribution to lost interest and legal costs of £235,000. In the event of the early termination of Peter Lassman, Andy Mollett and Chris Wright’s service contract, and the termination of Jeremy Laselles’ service contract following the disposal of the Chrysalis Music Division, compensation payments would exceed 12 months’ salary and benefits by the inclusion of bonus. Notably, if Laselles’ employment is terminated within six months of the sale of the music division he will receive a termination payment of at least £1,000,000.

Leave a Reply