Brierley Investments - Re Directorate
May 11 1998 - 5:29AM
UK Regulatory
RNS No 2141n
BRIERLEY INVESTMENTS LIMITED
11th May 1998
SEVERANCE ARRANGEMENTS WITH RH MATTHEW AND PD COLLINS
The Chairman of Brierley Investments Limited (BIL), Sir Roger
Douglas, today released details of severance arrangements
agreed with Mr Bob Matthew, on his retirement as Chairman and
a Director of the Company, and with Mr Paul Collins on his
retirement as Director and Chief Executive Officer of the
Company.
The Board unanimously agreed to the payment to Mr Matthew of
$750,000. The Board also unanimously agreed to the payment to
Mr Collins of $4 million on the severance of his position as
Chief Executive Officer of the Company. The Board agreed to
the payment to Mr Collins after receiving independent advice
from two sources on the amount it might be required to pay
under New Zealand employment law. The Board concluded that
the agreed payment to Mr Collins is in the best interests of
the Company, recognising his length of service and position
within the Company and ensured the retention of Mr Collins as
a transitional consultant to the Company on the operational
aspects of the business.
For further information:
Tom Moriarty
Tavistock Communications
0171 600 2288
END
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