Hi Killkrazy.
The following is my recollection of what happend with the new 'C.E.O'
GW decided to hire...(It may not be 100% accurate, but quite close.)
Apparently any PLC having a Chairman that is the C.E.O. is frowned upon/illegal.Mr Kirby did both jobs on his £400k+ salery.
Then he hired mark Wells as C.E.O , to stop
GW plc from being 'frowned upon' by the people in power/shareholders etc.
After
MR Wells had served his contract time (5 years?)on about £150k a year.(Focusing on more cost cutting , maximizing profits by R.O.W embargo ,)He left the company quietly with a slightly longer but good
CV .
And then Mr Kirby offers to take on the job of C.E.O. temporarily (Untill he retires in 2-3 years time?)And gave himself a pay rise, (Oddly enough he did NOT take a pay cut when Mr Wells was doing half his old job as C.E.O.)
AFAIK, Mr Kirby got his buy out investment back when
GW floated as a PLC .His Shares have netted him £Ms in dividends over the years.(Not to mention his massive pay grade.)
I think Mr Kirby got his option on (free?)shares as part of his original contract.Even if he had to buy them, his returns through dividends over the years would have covered the initial purchase price. (Appx £500k dividend on his shares last pay out.Thats just one out of 20 dividend payouts!)
I think Mr Kirby had taken the decision to get as much money out of
GW as he can before he retires, rather than rely on long term dividends in a toy soldier company seeing him through retirement.He is in a prime position to see how vunerable a company like
GW plc is to miss- management!