Former chairman of Royal/Dutch Shell gets giant payout

[dArKeR]

NY TIMES NEWS SERVICE , LONDON

The Royal Dutch/Shell Group's former chairman, Sir Philip Watts, received a severance package worth £1.06 million (US$1.93 million), the amount he would have earned had he stayed on until retirement, the company said on Friday.

Watts was asked to step down in March, after an internal investigation found that the company had overstated its oil and gas reserves estimates for several years.

He was the head of exploration and production, the division in charge of reserves, from 1997 to 2000, when much of the overbooking occurred.

Watts, who turned 59 on Friday, had been scheduled to retire in June next year.

http://www.taipeitimes.com/News/biz/archives/2004/06/27/2003176757

[WannaJumpMyScooter]

1. He will need it when the investors sue his ass off

[olddem43]

2. This is chicken feed

compared to the huge golden parachutes that most of these type crooks get. Usually, it's close to or in the hundreds of millions.

[delete_bush]

3. Where's your compassion...

you failed to mention that he's going to have to scrape by on an annual pension of a little more than $1,000,000.

That's less than $20,000 per week.