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08 March 2011
The directors and shareholders of a company wish to replace the sales director (who is also a shareholder). This director will remain in employment, but in another role, and a compensatory payment will be made to him
My client is a reasonably sized firm which trades in the UK and overseas. The directors and shareholders have been in the business for more than
20 years most of them having worked their way up ‘through the ranks’.
The problem concerns the international sales director. Product sales have been static or falling for some years and the other directors believe that they need someone more dynamic and provisionally have lined someone up to take over.
However as regards the current sales director his position is not being made redundant and he has not reached retirement age although he is now in his mid-fifties. He has also put in a considerable amount of work over the years and has experience that the firm would not want to lose.
The directors think that they might be able to persuade the sales director...
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