{"id":630407,"date":"2023-04-17T19:49:10","date_gmt":"2023-04-18T00:49:10","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/17\/former-wates-ceo-paid-1m-compensation-for-loss-of-office\/"},"modified":"2023-04-17T19:49:10","modified_gmt":"2023-04-18T00:49:10","slug":"former-wates-ceo-paid-1m-compensation-for-loss-of-office","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/17\/former-wates-ceo-paid-1m-compensation-for-loss-of-office\/","title":{"rendered":"Former Wates CEO paid \u00a31m compensation for \u2018loss of office\u2019"},"content":{"rendered":"
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\"Wates_CEO_David-Allen_Oct-2020_2-1024x683.jpg\" <\/p>\n

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Former Wates chief executive David Allen was paid \u00a3992,000 in \u201ccompensation for loss of office\u201d, Construction News<\/em> can reveal.<\/p>\n

Allen joined Wates as chief financial officer in 2016, before stepping up to chief executive in 2018<\/a>. He departed suddenly last summer<\/a>, leaving Philip Wainwright to head the company as interim before Eoghan O\u2019Lionaird took over in February<\/a>.<\/p>\n

At the time Wates\u2019 chairman, Sir James Wates, paid tribute to Allen\u2019s \u201cintelligence, commitment and compassion [which] has stood the organisation in good stead\u201d. Wates has not commented on the reason for Allen\u2019s departure.<\/p>\n

Now Wates\u2019 full company accounts for 2022 show its highest paid director \u2013 understood to be Allen \u2013 was paid \u00a31.48m last year, with a \u00a3491,000 salary as well as \u00a3992,000 compensation payment for loss of office.<\/p>\n

Allen\u2019s payment in 2022 was only slightly smaller than his full 2021 remuneration of \u00a31.58m, which was made up of a \u00a3614,000 salary and \u00a3967,000 paid through the group\u2019s long-term incentive scheme.<\/p>\n

Allen, who has now joined Mace as chief financial officer<\/a>, did not provide a comment.<\/p>\n

Elsewhere, Wates\u2019 financial accounts reveal that its owners \u2013 the Wates family \u2013 were paid \u00a317.5m in dividends last year, a five-fold increase from \u00a33.2m in 2021. The figure is equivalent to just over half of Wates\u2019 \u00a333.7m profit for 2022<\/a>.<\/p>\n

Earlier this month O\u2019Lionaird told CN<\/em><\/a> he wants Wates to take on more large jobs \u2013 like the group\u2019s \u00a3500m gigafactory project in Sunderland \u2013 and expects the group\u2019s turnover to keep growing from its record \u00a31.9bn last year.<\/p>\n<\/p><\/div>\n

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\n Will Ing<\/p>\n","protected":false},"excerpt":{"rendered":"

Former Wates chief executive David Allen was paid \u00a3992,000 in \u201ccompensation for loss of office\u201d, Construction News can reveal. Allen joined Wates as chief financial officer in 2016, before stepping up to chief executive in 2018. He departed suddenly last summer, leaving Philip Wainwright to head the company as interim before Eoghan O\u2019Lionaird took over<\/p>\n","protected":false},"author":1,"featured_media":630408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,100309],"tags":[],"class_list":["post-630407","post","type-post","status-publish","format-standard","has-post-thumbnail","category-former","category-wates"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=630407"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/630408"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=630407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=630407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=630407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}