Brewin Dolphin head of investment management Stephen Ford, who left the company as part of a reshuffle earlier this month, is in line for a payout of around £895,000.
The director stepped down after 15 years at the firm after the business reshuffled. Details of his pay, revealed in a company filing, show the value of his redundancy package and outstanding share awards are £894,477 at today’s opening share price.
Ford will be paid until July, as part of his notice period, and will receive a £9,737.50 redundancy payout and a discretionary award of annual variable pay of £81,000. He will also be given £3,500 towards the legal costs of his departure and the company will continue to pay his private medical care until the end of the year.
However, the value of Ford’s payoff is in the shares awarded as part of incentive plans.
Under Brewin Dolphin’s deferred profit share plans Ford will be awarded a total of 143,022 shares over the coming three years, the value of which is £389,019 at the opening share price today of 272p.
Under the company’s long-term performance plan Ford will be handed 151,184 shares on a pro-rated basis for the period he worked. At today’s opening value that amounts to £411,220 in shares. These awards are based on the performance criteria being satisfied.
Ford stepped down with immediate effect on 7 January, but remains employed until 6 July this year.