Parachuting to safety

30 October 2003 By Fiona Maharg-Bravo

Glocer says it s a goodwill gesture towards his shareholders. ITV s Charles Allen should do the same though he may find it hard to surrender a golden parachute just when he needs it.

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Tom Glocer, chief executive at Reuters, has reduced the length of his contract to one year. Reuters said Glocer's move was a goodwill gesture towards its shareholders and that no institutional investors had complained about the twoyear contract.

Charles Allen, chief executivedesignate of ITV, has been criticised by investors for his own twoyear rolling contract. Anthony Bolton, the Fidelity fund manager who orchestrated the ousting of Michael Green as ITV's chairmandesignate last week, has said the new chairman will be charged with looking at Allen's contract.

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