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.