EADS's Enders says French govt pressed for agreement on Forgeard's severance |
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Published
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Tue, 15 May 2007 08:57
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FRANKFURT (Thomson Financial) - EADS's severance pay for former co-CEO Noel Forgeard was agreed by the company's board of directors under pressure from the French government, co-CEO Thomas Enders told Frankfurter Allgemeine Zeitung in an interview.'The French government in a way twisted our arm,' Enders said. Forgeard received an 8.4 mln eur pay-off after stepping down in July 2006.EADS' shareholders criticised the company's payment of a severance package to Forgeard, whose resignation and subsequent severance pay became a topic of hot debate in the French presidential elections.The management board had refused to make public the minutes of a board meeting, during which it was decided to give Forgeard his severance pay.'The point was that Forgeard was under no circumstances to be fired,' Enders told Frankfurter Allgemeine Zeitung.'If more proof was needed that governments have no place in the leadership of a company, then the events of the past two-and-a-half years have provided that proof.'He said there is currently no similar agreement for other management board members of EADS, adding he is 'convinced' the pension agreements of current board members live up to international standards.maria.sheahan@thomson.commas/icCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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EADS' shareholders express anger over corporate governance, severance pay 