CGNU has denied it is giving special treament to its incoming chief executive Richard Harvey, by paying him a lump sum of £387,000 to relocate from Norwich to London.
The insurer said that the payment to Harvey, who moves up from deputy to chief executive next month, was in line with a formula applying to all CGNU employees.
“The payment takes into account the size and number of bedrooms in his existing home,” said a company spokesman. “The relocation package is the same for all CGNU employees, except that it has been paid to him in a lump sum.”
Harvey's package works out at £3,365 for each of the 115 miles he is moving.
The taxable £387,000 lump sum is meant to pay for two-thirds of his mortgage costs over the next five years. It is not intended to cover removal or other costs.
Harvey is believed to be swapping his five bedroom Norwich home for a similar property in London, where house prices are much higher.
