£1m for Sacked Salvesen boss

THE sacked boss of troubled haulier Christian Salvesen has walked away with a rewards-for-failure package worth more than £1m.

Edward Roderick was shown the door in May after seven years as chief executive, during which time numerous profits alerts saw the share price bomb.

Chairman and acting chief executive David Fish told today's annual meeting that Roderick had waived his controversial contractual rights to two years' pay and instead will receive compensation 'broadly representing one year's salary and benefits'.

That comprises £430,000 in cash plus £130,000 in lieu of pension benefits. He also leaves with a pension pot worth more than £200,000 and shares that even at today's depressed price of 56 1/2p, down 2p, are worth more than £300,000.

Peter Aspden, sacked as finance director last year, received a pay-off of £480,000.