Direct Line Group (DLG) bosses will be paid multi-million pound bonuses as the insurer prepares for its planned flotation, according to the Sunday Times.
DLG chief executive Paul Geddes is expected to receive shares worth about £3m when the RBS-owned insurance unit is spun off from its parent this year, the newspaper said.
The “golden handcuff” deals are designed to lock in senior staff following the initial public offering.
It is understood the bonus schemes will pay out only if the senior staff hit performance targets and stay at the firm for at least three years.
The company, which announced 891 job losses earlier this month as part of a £100m cost saving plan, has also not ruled out further job cuts.
Why should you use a broker to make your insurance arrangements? After all you can do most things yourself on-line these days …
15 Sep 2020
The High Court has today handed down its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. For a …
15 Sep 2020
How employers may be affected by the changes Brexit will bring – and what actions should they consider.
The UK left the EU …
10 Sep 2020