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No Moody blues for Britvic CEO post ₤2.9m payoff?

By Ben Bouckley , 06-Dec-2012
Last updated the 06-Dec-2012 at 13:13 GMT

No Moody blues for Britvic CEO post ₤2.9m payoff?

Despite leading Britvic while it suffered the Fruit Shoot recall debacle that wiped 20% off full-year 2012 profits, CEO Paul Moody will receive a ₤2.9m ($3.78m) pension as he exits the UK firm.

Moody will also be kept on as a consultant to new Barr Britvic Soft Drinks CEO (and current AG Barr CEO) Roger White, for six months, and will gain a salary of ₤58,300 ($93.900) per month.

The details emerged when the firms released merger documents yesterday, which revealed that Britvic and AG Barr plan to start trading combined shares by the end of January.

Shareholders will vote on the mooted ₤1.4bn ($2.25bn) merger, which is still subject to competition authority approval, on January 8.