Rolls-Royce to pay ex-finance chief Mark Morris £900,000

 
Caitlin Morrison
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Rolls-Royce announced plans to lay off 2,600 staff (Source: Getty)
Departing Rolls-Royce chief financial officer Mark Morris is to receive a final remuneration package of more than £900,000.

His departure was announced yesterday, and took effect immediately, with no reason given for his leaving.

The package, also revealed yesterday, includes £717,150 to be paid in lieu of his 12-month notice period.

Morris will receive 12 months’ salary of £510,000, along with £207,150 in benefits, made up of car and fuel allowances, pension, medical and life insurance and tax planning.

If Morris commences alternative employment in the next 12 months, Rolls-Royce’s remuneration committee will “consider reducing the remainder due”.

On top of this, Morris is entitled to 18,591 shares, which were worth a total of £158,209 at yesterday’s price. He is also to be offered funding of up to £40,000 plus VAT “in respect of career transition support”.

Rolls-Royce said David Smith, who has stepped into the chief financial officer position, would be offered a package “very similar to, and not in excess of” that provided to Morris.

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