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RSA HAVE ANNOUNCED that CEO Simon Lee is stepping down with immediate effect. It follows the resignation last month of the Philip Smith, chief executive of the company’s Irish operation.
Smith was one of three top executives who had initially been suspended after alleged irregularities were uncovered. Auditors PwC are currently carrying out an investigation of the group’s claims and finance operations — the report is expected to be handed in next month.
RSA also confirmed today its Irish reserves would need a boost of €154 million, in addition to the €83 million previously announced on 8 November, after the problems were uncovered after a routine audit.
The company said it intended to inject €160 million “to ensure that the solvency ratio of RSA Insurance Ireland is maintained above 200 per cent”.
According to a the company
In line with his contractual agreement and the Remuneration Committee’s policy on termination of employment, Mr Lee is entitled to receive £824,000 [€979,087] payment in lieu of twelve months’ notice, paid monthly and set off against any payments he receives for any future employment or appointment he accepts in the next twelve months.He will not receive any benefits (or compensation in lieu) in respect of this period. He will not be entitled to any bonus payments in respect of the 2013 or 2014 performance periods.
Martin Scicluna, the company’s non-executive chairman is to take over as executive chairman in the short term and will oversee the recruitment process for Lee’s replacement.
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Payment for failure seems common. I want one of those jobs!
Dear Journal and the media in general.
Don’t you ever consider for one moment that your trading partners worldwide are likely to peruse the information disseminated such as this?
The daily petty revelations that emerge from this country are enough to destroy any potential investment incentive.
This is all rather inconvenient on the weekend we are telling the world we are a great place to do business, altogether. Corruption and lack of regulation is still rife.
These guys are worth it , aren’t they ?
Yep, the L’oreal generation.
The more incompetent you are the better off you seem to be treated
Can i get one of these jobs wer you can.lie, cheat, F up, take no responsibilty and get a massive pay off with im sure a massive pension as well..
The thing is, if I was able to get a ridiculous amount of cash from my job I probably would as well!!
I recall our mighty leaders advising that all was perfectly fine after the 86m was injected by RSA when the 3 execs were suspended. Now another 160m will be injected by the RSA. This shows you how little the boys in the Dáil know about what is really going on but are still willing to spout crap to the Irish people.
Ah hear leave irrrrr ough,absolute joke of a country
Where can I apply? Just need to be appointed as CEO for 1 day. Then they can fire me without notice as well.
Anyone know where I can apply for one of these CEO positions? I’m sure I could be just as hopeless/corrupt as all the others. I’d only need the position for a year or two, then I could resign with a huge wedge of change. Hell, I’ll even spilt it with whoever hires me.
He was the CEO of the UK group
Think ill hand in my notice!!
Totally immoral
Shower of greedy overfed swine.I hope Karma seeks them out soon enough
Ohhhhhh gravy, can I have a job please? I love gravy. silly me, I’m not a friend of a politician.
Seems fair.
Your hired
have your say