Clive Cowdery, the former head of Resolution and major shareholder at Friends Life, is set to walk away with £160m from the £5.6bn takeover deal announced on Friday.
The Sunday Times reports the insurance tycoon (pictured) holds £39m in Friends Life shares and will also net another £120m from a bonus plan.The report said the plan originated when his consolidation vehicle, Resolution, bought Friends Provident in 2009. The paper added Resolution's former chief executive John Tiner, who ran the Financial Services Athority from 2003 to 2007, will also receive more than £8m as a result of the deal. This morning The Times reports 2,000 jobs could be lost in the wake of the deal. The paper quotes insurance sector analysts - with many backing the move....
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
