Resolution, the FTSE 100 closed life fund consolidator, has ousted its chief executive Paul Thompson and replaced him with Mike Biggs, the finance director, reports the Times .
One source said: "It was a joint decision. Paul and the board felt it was time to move on. Clearly the company is a very different beast from what it was."
Thompson, who has run the company since 2005, leaves Resolution with immediate effect and takes with him a payoff of £787,500 in lieu of notice, equivalent to one and a half times his £525,000 base salary.
He is also entitled to an annual bonus and payouts under the executive shares plan, terms of which were not disclosed, says the paper.
However, according to Resolution's most recent annual report, Thompson is entitled to a maximum annual bonus worth as much as 125% of his base salary.
As well as a long-term incentive plan share award which could be worth twice his salary, or £1.05m, Thompson also holds options which will vest immediately on his departure worth more than £1m and nil-cost options awarded subject to performance criteria which could be worth a maximum of almost £4.7m.
ONE OF the Chancellor's closest aides is to take the final seat in the committee to choose a replacement for John Tiner, the outgoing chief executive of the Financial Services Authority (FSA), says the Daily Telegraph.
Jon Cunliffe, Second Permanent Secretary at HM Treasury, is to join the committee, which is to be chaired by the City regulator's chairman, Sir Callum McCarthy.
Cunliffe is the fourth and final member of the committee, which includes McCarthy, FSA deputy chairman Dame Deidre Hutton, and Baroness Hogg of Kettlethorpe, who is chairman of private equity house 3i.
Cunliffe is widely viewed as one of Gordon Brown's inner circle, implying the Chancellor will be taking a close view of who is chosen to succeed Tiner at the financial watchdog.
THE WEALTH of the City means London has the highest incomes of any metropolis outside the United States and is on course to become the world's fourth biggest megacity by 2020, the consultants PricewaterhouseCoopers say today, reports the Guardian.
PWC says the income generated by London's 8.5 million people is equivalent to the gross domestic product of small European countries such as Sweden or Switzerland.
And with growth expected to average 3% a year between 2005 and 2020 - faster than any other city in the developed world - London is expected to edge its way up the league table of richest cities from its current ranking of sixth.
In the 19th century, London's position as the capital of the world's biggest economy made it the richest and largest city in the world. But in 2005 Tokyo, New York, Los Angeles, Chicago and Paris all had larger GDPs.
By 2020 London will have overtaken Chicago and Paris, PwC says.
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