Pay-Off for Outsider Thomas Costs William Grant (Pounds) 2.8m; Compensation Fails to Reduce Distiller's 13% Rise in Profits

Summary

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LAST year's surprise departure of Patrick Thomas, the first outsider to head up family-owned William Grant & Sons, cost the whisky distiller (pounds) 2.8m in compensation that was paid predominantly to the former chief executive.

The payment - which appears to be about four times Thomas's normal annual salary - did not stop William Grant from posting a 13% rise in pre-tax profits to (pounds) 68.7m. This was generated on sales of (pounds) 328.7m from products such as Grant's blended Scotch and the Glenfiddich and Balvenie single malts.

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Extract

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Pay-Off for Outsider Thomas Costs William Grant (Pounds) 2.8m; Compensation Fails to Reduce Distiller's 13% Rise in Profits

In the notes to the company's accounts for 2003, William Grant states that it paid (pounds) 2.8m in aggregate compensation to directors for loss ...

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