These FTSE 100 chief executives are delicate, demanding creatures. Three years ago Rexam, the tin can maker, decided to pay Leslie Van de Walle a golden hello of £1.34 million to prise him away from Shell and even met his relocation costs of £127,000 (which rents an awful lot of Pickfords vans).
He’s lasted less than three years. Now Rexam is splurging another £1.6 million prising him back out again, including almost £600,000 to compensate him for a possible bonus there was no certainty he would ever collect.
As usual with departing senior executives, Mr Van de Walle is managing the neat trick of banking considerable compensation for loss of office while at the same time insisting he is going entirely of his own accord.
No one would believe that on the shopfloor of the tin can works at Luton, but in the boardroom in Central London they make such claims with a straight face.
It hasn’t been a particularly happy stewardship. There was a disastrous (so far) Russian acquisition, an unfortunately delayed rights issue and the shares are not much more than half the level when he arrived.
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Don’t expect a squeak of protest from institutional investors, however. Mr Van De Walle sits on the board of one of the biggest, Aviva.