Capita expected to strip former boss of £845k cash bonus

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Capita expected to strip former boss of £845k cash bonus

By Adam Cadle

19/03/2018

Capita is expected to strip its former boss Andy Parker of an £845,000 cash bonus.

According to The Sunday Times, the company is understood to be ready to cancel a bonus entitling Parker to a payout worth 200% of his salary.

Parker’s right to receive another bonus of 69,377 shares could also be cancelled.

Capita is planning a £700m asset sale as part of a balance sheet shake-up. This sale will be alongside a heavily discounted rights issue intended to raise a similar sum.

Chief executive Jonathan Lewis is understood to be working on a more aggressive than expected review that could result in the sale of six or seven businesses. Lewis said Capita had underinvested and relied on acquisitions to fuel growth. The firm is battling a debt pile that totalled £1.2bn at the end of last year and a reported £381m pension deficit.

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