Salary Still Above

A former finance director at the publishers of The Scotsman newspaper is reported to be on a starting salary at his new job of £330,000.

But, writes Perry Gourley, in The Scotsman yesterday, Stuart Paterson – who has just begun working for Edinburgh-headquartered Forth Ports – is taking a pay cut.

Says Gourley: ”The company's (Forth Ports) latest annual report also shows that Stuart Paterson, the former finance director of newspaper publisher, Johnston Press, who took up the same role at Forth a fortnight ago, started on a salary of £330,000, a cut on his £361,000 basic salary at Johnston where he also earned a £157,000 cash bonus and would have received a further shares bonus.”

Forth Ports is the subject of a recommended £760 million takeover deal by infrastructure firm, Arcus. 

Adds Gourley: “At Forth he has been granted options over 7789 shares. Although the shares are intended to vest in two years time, if there is a change of control of the company – which now seems highly likely – they will vest immediately. At the 1630p a share Arcus offer price, those options are worth £127,000.

“The company said the award was made to partially compensate Paterson for the loss of deferred and loyalty bonuses in his previous employment.”

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