Richard Brindle’s exit package wiped more than one-third off shareholders’ return on equity
Lancashire founder and chief executive Richard Brindle has received more than £80m after leaving the Lloyd’s insurer earlier this year, in a move that has wiped more than one-third off shareholders’ return on equity, according to the Financial Times.
Brindle stepped down in April and received stock estimated to be worth £20m by exercising warrants and also received a retirement package including cash, shares and other benefits worth almost £12m.
In addition he sold his entire shareholding in the FTSE 250 company, which was worth about £50m.
According to the FT, Lancashire would have produced a return on equity of 3.7% during the second quarter without the retirement package and exercise of the warrants. Instead it generated only 2.4%.