Former Newcastle Airport boss received £2m payoff
28.03.09
A former Newcastle Airport boss at the centre of legal action over a multi-million pound bonus deal received £2m in an out-of-court settlement, the BBC reports that company accounts reveal. John Parkin received a £6m payout before he resigned in May 2007, but the company later began legal action to claim the money back. The company's accounts reveal Mr Parkin received £2m in a last-minute deal struck before a High Court case was to begin last October.
Mr Parkin joined Newcastle Airport as Chief Executive in June 2002 and is credited with attracting low cost airlines such as easyJet to the north east hub. When the airport refinanced its debts, which lead to a significant dividend to its shareholders, he was to receive £6m in bonus payments. However, he was suspended by the airport in March 2007 over what were described as ‘certain personal contractual issues’. He resigned a few weeks later and took up a similar role at Leeds Bradford Airport, which he still hold.
Accounts for the airport for 2007, released on Friday, reveal it managed to claw back the majority of the cash paid to Mr Parkin before the case went to court. But they confirm he will keep £2m in the out-of-court settlement - 10 times his salary at the time. The estate of the airport's now deceased finance director, Lars Friis, was awarded £1.8m in the same out-of-court deal.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book newcastle airport hotel or parking newcastle airport at the lowest price, click on these links to two great newcastle airport car parking and newcastle airport hotel price comparison pages.
