THE former boss of CCTV specialist IndigoVision received $285,000 (£204,000) in compensation for loss of office, it has emerged.
The severance package for Marcus Kneen, who stepped down as chief executive on November 23, was revealed in the 2017 annual report for IndigoVision, published yesterday.
The report disclosed that Mr Kneen, who had been chief executive since 2011 and employed by the company since 2003, received total remuneration of $598,000 last year. His basic salary for 2017 was $263,000.
Mr Kneen, who was succeeded by Pedro Simoes in January, earned a total of $344,000 in 2016, including a salary of $287,000. His departure was announced in November as the company signalled its expectation of making an operating loss for 2017, highlighting “more difficult trading conditions” in the Middle East. It cited “unforeseen delays in securing a number of large contracts” in the region.
An operating loss of $2.8m was reported when the annual results were published in March, which followed a profit of $100,000 the year before.
Mr Kneen’s exit came just months after his long-standing mentor, Hamish Grossart, stepped down as chairman. Mr Grossart, who had been chairman for 20 years, was replaced by George Elliott.
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