UK supermarket group J Sainsbury has announced that it has reached a settlement with former chairman Sir Peter Davis following his departure from the company on 30 June 2004.
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Under the terms of the settlement, Davis will receive a cash payment of £2.62m. He will continue to receive payments in respect of salary at the reduced rate of £500,000 (US$0.89m) per annum on a monthly basis until 31 July 2005 and those payments will be subject to mitigation during this period.
Sainsbury’s said “strenuous efforts” had been made through its legal representation to reach a settlement. The company added that this settlement represents a reduction of approximately £1m from Davis’ contractual entitlement.
“Sainsbury’s believes it is in the best interests of the company’s shareholders to reach settlement and bring this matter to a conclusion,” the company said.
J Sainsbury also announced that Lord Levene of Portsoken and Keith Butler-Wheelhouse have resigned as non executive directors. Lord Levene was appointed in May 2001 and Butler-Wheelhouse in September 1999.
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