Myers' departure leaves Tarmac œ548,000 lighter

Tarmac is coughing up œ548,000 for Barry Myers' brief period as executive director of its construction arm.

Myers left Tarmac after just 16 weeks in office citing "differences in management style" as the reason behind the abrupt parting of the ways.

Myers arrived at Tarmac after 35 years with Trafalgar House. He was on a two-year contract at an annual salary of around œ220,000.

Tarmac's newly published 1996 annual report reveals a payment of œ253,000 in compensation for loss of office in addition to the œ86,000 that Myers earned between his appointment on 15 February and his departure on 7 June.

The Tarmac report states: "In addition, pursuant to arrangements agreed whereby damages would be mitigated as far as possible, further amounts not exceeding œ204,000 are potentially liable during 1997.

"The maximum aggregate payment would, in any event, represent loss of salary and benefits of some two-thirds of the total contractual figure. His total emoluments, including the maximum compensation for loss of office but excluding pension contributions, amounted to œ548,000."

In layman's' terms the deal means that if Myers walks into another job, Tarmac would pay out less than the maximum figure of œ548,000.

The Tarmac report shows that Neville Simms, Tarmac chief executive, was paid œ330,000 last year.

Other directors to receive over œ100,000 a year were Roy Harrison, director of the heavy building materials division (œ220,000); Terry Mason, former group finance director (œ202,000); and Chris Bunker, finance director (œ174,000).