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 holds £39m in Friends Life shares and will 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. The Times reports 2,000 jobs are likely to go in the wake of the deal. The paper quotes insurance sector analysts, many who backed the move. However, one said the deal was...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
