Braemar Shipping Services has revealed details of salary and bonus payments potentially running to around £500,000 to former chief executive James Kidwell.
Kidwell departed the London-listed company at the end of July, with his retirement ending a 17-year career at the company which began as chief financial officer before his promotion to CEO in 2012.
Braemar said Kidwell was a “good leaver” and was awarded £389,885 in lieu of his salary and pension which will be paid in September and December.
A £70,000 cash bonus to cover the 2019/2020 financial year was also revealed, with Braemar stating the figure took into account salary and the successful sale of much of the technical business.
Half of the bonus was paid on Kidwell’s exit. The remainder is dependent on the vesting of warrants in AqualisBraemar, the Oslo-listed company in which Braemar Shipping Services is now the largest shareholder.
A sale of three of Braemar’s four technical divisions to Aqualis was agreed in May, in what was one of Kidwell’s last major acts in the CEO's chair.
A £25,000 cash payment to settle entitlements under the long-term incentive play was also disclosed alongside a £6,000 figure to cover the legal fees in connection with his departure.
Critics called the package a “golden handshake” but a spokesperson for Braemar said the agreement simply reflected the terms of Kidwell’s contract.
Kidwell told TradeWinds last month he was leaving Braemar at what he saw as a natural break point at the end of the financial year and following its AGM.
“I feel, also having done 17 years at Braemar, now is a good time for me to do something different and for the company to look at things with fresh eyes and fresh impetus," he said at the time.
"It’s good for the company and me.”
Kidwell, who was 57 at the time of Braemar’s last annual report, revealed the idea of retirement had been on his mind for some time, however, discussions over the specific timing of the move had only begun “relatively recently”.
