Tuesday, 8 January 2013

British Gas chief Bentley in line for explosive £13m pay-off


THE HEAD of British Gas, who has presided over an 84 per cent increase in the average domestic bill during his seven years at the helm, is set to leave the utility company this year with a pay-off estimated to be worth as much as £13 million.

Phil Bentley, managing director of British Gas since 2006, will quit this year as part of a management overhaul. According to the Daily Mail, his 'golden goodbye' could feature a year's salary (£635,000), a bonus worth £399,000, a pension pot of £3.6m and £8.3m of shares.

The paper notes that "as millions endure the greatest squeeze on living standards since the 1920s... 53-year-old Mr Bentley's potential windfall would be enough to pay a typical family's gas and electricity bill for 9,500 years".

Labour energy spokesman Tom Greatrex told the paper: "British Gas customers, who have seen their bills soar on Phil Bentley’s watch, will be astonished at the level of his pay-off... it will strike many as an obscene level of reward."

Read more: http://www.theweek.co.uk/business/50870/british-gas-chief-bentley-line-explos...

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