Glocer Changes Controversial Pay Clause

ORGANIZATION & STRATEGY

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Reuters CEO Tom Glocer has decided to reduce the pay associated with his notice period from two to one years, Reuters confirms, in the wake of controversy over the clause in his 2001 contract. Previously, Glocer would receive two years’ worth of his previous year’s salary if he was terminated, to be reduced to one year’s salary starting in July 2005.

The change brings Glocer’s compensation package into line with the City best practice recommendation of a maximum one-year salary pay-off.

A Reuters

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