‘Fat cat’ pay director at Countrywide to step down, claims

The Countrywide director  who drew up a controversial £20m executive pay plan is to step down after an investor revolt.

Sky News is reporting that Countrywide has hired headhunters to identify a new non-executive director to replace Cathy Turner as chair of the company’s remuneration committee.

Turner has been on the group’s board and has overseen remuneration since 2013.

Sky says it unclear on Wednesday whether she would step down from the Countrywide board altogether or just relinquish her responsibility for setting boardroom pay, although one insider said the former scenario was more likely.

The pay plan would have paid out huge sums to executives, including to executive chairman Peter Long, who would have received shares worth over over £6m. Paul Creffield, group managing director, and chief financial officer Himanshu Raja could have received shares worth over £8m and £7 respectively.

Countrywide was forced to withdraw the scheme when it became plain that institutional investors would not support it as part of Countrywide’s turnaround plan.

Countrywide shares are starting trading today at around 9.4p.

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8 Comments

  1. surrey1

    At 9p a share that’s a lot of shares.

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  2. smile please

    Sadly I think CW will be the next big tragedy in the estate agent world.

    Only thing left to do is break it up. No way the SP can bounce back from this.

    I feel for Some of the staff as they are trying their best but doomed.

    However the middle management seem in complete denial on how bad the situation is.

    It reminds me of Blackadder goes Fourth, hard working trenchmen (branches) doing their best but knowing it’s a fruitless exercise. Then the generals turn up (regional managers and head office) telling them not to worry go over the top it will be jolly good fun!

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  3. Essjaydee51

    utter nonsense, if they don’t try then there are no jobs no chance and no countrywide.

    Good luck CW it’s a tough market but you’ve seen it before, if you believe the doom mongers you are lost, Nobody is delusional, it’s focus and a belief that working hard to succeed can lift the SP, build strength again in reputation and grow.

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    1. AgencyInsider

      Don’t agree on Brexit – but agree with you on this.

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  4. Lil Bandit

    Disgusting corporate greed! They wonder why they are in the dumps

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  5. froo-gal04

    Why not replace her with a hard working , loyal Branch Manager………then the BODs will learn how much they are really worth !

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  6. Retiredandrelaxed

    Not much seemed to have changed at the coal face of CW – management is still trying to micro manage the day to day activities of negs, listers and BM’s. I can’t see the company changing it’s fortunes significantly until management (senior and middle) allow those who are actually in branch and with talent to do what they do best. For too long, CW have had a “one size fits all” mentality – what can be achieved in a large city centre branch can also be achieved in the smaller town and village branches.

    There doesn’t seem to be much trust that, given the right training and support, sales people at branch level can achieve more by being given some space, rather than having to count and report phone calls etc on, in some cases, an hourly basis.

    CW have always said that their staff are their best and most important asset but it’s not clear that reality accords with that statement

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    1. smile please

      I think this sums up CW nicely.

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