Compensation totalling £110,000 was paid by Leyland Motors to the directors and some 300 senior and semi-senior staff of Standard Triumph International after the share-exchange takeover in June 1961; Because the S.T.I. group was continuing to operate at a heavy loss and knowing that drastic economies were required says Sir Henry Spurrier, chairman of Leyland Motors, in his annual report to shareholders, he felt that the economies could be made only by asking for the resignation of the original members of the S.T.I. board, with one exception.
Of the total compensation, £66,375 was paid to directors.
Mr A. S. Dick, the former chairman of Standard. resigned last August and seven other directors were asked to retire. In a later part of his statement Sir Henry says that in taking S.T.I. under their wing they had almost certainly saved them from bankruptcy.
Keith Adams
Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...
Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.
Latest posts by Keith Adams (see all)
- Blog : Rover 75 shown to the world – and torpedoed - 21 October 2018
- Concepts and prototypes : MG Rover RDX60 (2000-2005) - 21 October 2018
- The cars : MGF and TF development story (PR3) - 2 September 2018
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