Former Newcastle Airport boss ‘settles for £2m’
24.10.08
Former Newcastle Airport chief executive John Parkin is getting around £2m in a deal to settle a long running bonus dispute, the Chronicle reports. A High Court case involving the airport, Mr Parkin, and the estate of the airport’s former finance director, Lars Friis, who died in 2006, was called off earlier this week after an out-of-court settlement was reached.
The case centred around a financial package amounting to £8.5m paid to Mr Parkin and Mr Friis for their part in helping broker a re-financing deal which netted around £160m for the airport’s shareholders nearly two years ago. Mr Parkin, who is now in charge of Leeds Bradford Airport, was awarded nearly £6m, and Mr Friis the rest.
There was a dispute over the money and the airport decided to go to court. However, a deal was struck hours before the case was due to start earlier this week. The terms of the settlement are subject to a confidentiality agreement. However, sources have told the Chronicle that under the terms of the settlement Mr Parkin is expected to get around £2m and the estate of Mr Friis is expected to get around £1.7m.
An airport spokeswoman said: ‘We will not comment on this issue,’ and there was no comment from Mr Parkin.
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