Magazine article Management Today

Another Day, Another Dollar - No 22,000 Pounds

Magazine article Management Today

Another Day, Another Dollar - No 22,000 Pounds

Article excerpt

Another day, another dollar -7 no 22,000 pounds Appeals for pay restraint go down like a lead balloon at 4 Fenchurch Avenue, home of Walsham Brothers, the top Lloyds insurance business. Chariman Bill Brown receives Britain's biggest ever annual salary, at 8,136,274 pounds or 22,291 pounds a day. Having the biggest monthly cheque is nothing new to Brown, a 55-yea old Cockney. His two previous annual salaries were 2 million pounds and 4 million pounds respectively.

Even so, last year, he was actually overtaken in the pay stakes by Paul Sykes, the Yorkshire property dealer and miner's son who walked off with some 6 million pounds.

Brown's earnings--the sort of money in a day that a manager earns in a year--are the reward for being Lloyds' top broker; he deals with high risk insurance claims such as oil tanker spillages and big disasters.

Walsham, which is totally owned by the Brown family, is one of Britain's most profitable companies. In 1989, it produced an enviable 20.4 million pounds post-tax profit on a 36.6 million pounds turnover. This sort of performance would make the Brown family worth well over 200 million pounds if Walsham were floated on the stock market. But it's doubtful whether anyone would be prepared to pay that sort of money for a business which clearly depends on the skills of Brown and his three brothers, Henry, James and Ronald. As the advertising industry shows, taking over a people business usually ends in grife if those who have built it and then sold up simply walk out with the loot, as soon as they can legally make their escape. …

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