Former Stanelco chief executive Martin Wagner received a pay-off of almost £130,000 when he left the bioplastics packaging firm a year ago, after 17 months in charge.
The company's annual report, published today (2 April), said Wagner also received an £85,000 bonus. The £128,400 pay-off equated to around a year's salary for Wagner, who was on a 12-month notice period from the company.
Wagner joined Stanelco as chief executive in November 2005, but stepped down in April 2007 with immediate effect citing personal reasons. He was replaced by Paul Mines.
At the time, Stanelco said the change followed "consultation with a significant group of shareholders".
Stanelco's shares cost around 14p two years ago, but were trading at only 0.75p today.
Stanelco had a troubled 2006 and reported a £14.8m net loss, including a trading loss of £6.4m, after writing off more than £8m in a strategic review.
The company reduced its loss to £5m in 2007, although it took a £2.5m charge for costs relating to the failure of its Greenseal food tray sealing project. Turnover rose 21% to £8.1m.
The annual report also revealed that Stanelco slashed its wage bill by more than 40% to £2.2m in 2007, after cutting 30 jobs.
It halved administration posts from 24 to 12 and cut its manufacturing and engineering workforce from 39 to 24. The management team fell from 17 to 11, although it increased the salesforce from four to seven.
Source: packagingnews
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