Cemex’s takeover of RMC could see David Munro pick up a £2.6m pay-off only a year after he become chief executive.
David Munro, the chief executive of RMC, is set for a £2.6m pay off if his employment is terminated following Cemex’s takeover of RMC.
Cemex has made no formal announcement about redundancies but Munro and other RMC senior managers are not expected to be offered a role at Cemex.
On termination of his contact Munro would be entitled to a year’s salary, a full bonus, plus a year’s worth of pension contribution and benefits payments.
Share options and share grants under RMC’s long-term incentive scheme would also be triggered, which would see Munro receive 82,437 shares worth £704,836 at the offer price of 855p a share. The share options would give Munro a further £699,276
Munro’s salary is £575,000 and his maximum bonus stands at £460,000, while his pension contribution is £230,000.
