Take Advice before Slimming Down at the Top or Pay the Price; Senior Management Redundancies Are Running at Their Highest Level for over Seven Years as Cash-Strapped Firms Seek to Cut Bills. but, as Specialist Employment Law Solicitor, Stephen Jackson of Harding Evans Explains, If Companies Dismiss Executives without Following the Rules, It Could Cost Them Dear

Byline: Stephen Jackson

ANNOUNCEMENTS of redundancies and predictions of a forthcoming recession continue to hit the headlines.

Some senior "victims" of the downturn have received massive severance deals. For example Adam Applegarth, former chief executive of Northern Rock, walked away with a pounds 380,000 payoff, while Stan O'Neal, former boss ofMerrill Lynch, exited with a package worth more than pounds 50m, despite presiding over the bank's biggest losses ever during 2007.

Few, if anyfirms in Wales could contemplate golden handshakes on such a scale. However they could still end up paying outmuch more than they can afford, if they are careless in their handling of senior management redundancies.

Firstly, it seems that senior …

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Publication information: Article title: Take Advice before Slimming Down at the Top or Pay the Price; Senior Management Redundancies Are Running at Their Highest Level for over Seven Years as Cash-Strapped Firms Seek to Cut Bills. but, as Specialist Employment Law Solicitor, Stephen Jackson of Harding Evans Explains, If Companies Dismiss Executives without Following the Rules, It Could Cost Them Dear. Contributors: Not available. Newspaper title: Western Mail (Cardiff, Wales). Publication date: August 6, 2008. Page number: 13. © 2009 MGN Ltd. COPYRIGHT 2008 Gale Group.

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