Getting shot of Stott

26 Apr 2006 By John Foley Follow @johnsfoley

True, it s hard to see how much autonomy Stott really had. But shareholders are now left footing the bill for Sir Ken s mistakes. The UK retailer is paying £1.4m to see off Bob Stott, a lieutenant of chairman Sir Ken Morrison, even after five profit warnings.

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Bob Stott, outgoing chief executive of Morrison, will receive twice the value of his salary and certain other benefits when he leaves the company, according to the UK retailer's 2006 report and accounts. Based on his salary last year of £650,000 and benefits and bonus worth £60,000, that suggests a payout of just over £1.4m.

Stott joined Morrison in 1973. He was appointed as joint managing director in March 2002, and became the company's first chief executive in March 2005. In October of the same year, the company announced his departure.

Since the acquisition of rival supermarket chain Safeway in March 2004, Morrison has put out five profit warnings.

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