Green axes two Sears directors
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Green axes two Sears directors
PHILIP GREEN has axed two directors of Sears days after winning control of the struggling retailer. David Defty, the finance director, and Roger Groom, property director, will depart with a combined payoff of pounds 1m.
Mr Defty, who considered launching a management buyout of the company, receives a total of pounds 728,000. This consists of pounds 453,410 payment for termination of employment, a "loyalty bonus" of pounds 220,000 and a discretionary bonus of pounds 55,000, on top of his annual salary of pounds 220,000. Mr Defty joined Sears in June 1994 on a two-year contract. Mr Groom receives a total of pounds 318,368 made up of pounds 268,368 severance pay plus a pounds 50,000 payment to his pension fund. He had been with Sears since February 1991 and was also on a two- year contract.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments