By Michael Smith, Industrial Editor
A total of £814,000 in special pay-offs was given last year to five former senior executives of the state owned Rover Group. They left following the arrival of Mr Graham Day as Rover’s new chairman in April last year.
Details of the pay-offs, described as “payments to former directors and compensation for loss of office” have emerged a week after Rover Group disclosed losses of £892 million for 1986.
A sum of £219,000 was paid to former main board directors, Mr Ray Horrocks and Mr David Andrews. Mr Horrocks was the main board director responsible for Rover’s car making division and Mr Andrews led Land Rover and the bus and truck making operations.
Three executives of Austin Rover Group, the mainstream car production subsiduary recieved £595,000. They were chief executive, Mr Harold Musgrove, the managing director, Mr Mark Snowdon, and a director, Mr Peter Reigner. Rover declined to say to say how much in compensation was paid to each former executive.
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.