Watchstone boss Indro Mukerjee lands £1 million-plus pay package

The boss charged with salvaging the former scandal-struck Quindell picked up more than £1 million in pay and bonuses last year, the firm’s annual report has shown.

The insurance outsourcer — now known as Watchstone — has been led since 2015 by Indro Mukerjee, whose £1.14 million pay and bonuses is vast compared with the £72 million market value of the AIM-listed company. He got 75% of his possible bonus despite the shares being down a third in the last year and the company still making a loss.

Mukerjee, who is stepping down at the end of the year, is breaking up the group and also has incentive payments based on successful sales. The report said retaining key staff was of “critical importance” with higher pay reflecting “an unusual level of risks” including an ongoing Serious Fraud Office investigation into the company.

The SFO launched a probe into Quindell’s past accounting policies in 2015 after its founder Rob Terry was ousted in November 2014.

The firm is also defending legal action from law firm Slater and Gordon, which spent £637 million on part of Quindell’s business two years ago but took massive losses on the deal.