Carey accepts settlement for age discrimination claim but loses out on potential 拢10m share options profit
Former Berkeley Group director Tony Carey鈥檚 拢5m unfair dismissal settlement last week came as he missed out on almost 拢10m of potential profit from share options.
Berkeley Group announced last week that it had settled Carey鈥檚 claim for age discrimination and unfair dismissal for 拢5m shortly before the start of a three-week employment tribunal hearing.
However, according to Berkeley鈥檚 most recent accounts, Carey had held 1,388,390 share options at the point of his departure, most of which enabled him to buy shares for just 拢3. At Berkeley鈥檚 current 拢12 share price, Carey would have been in line to make 拢9.8m in clear profit.
The settlement followed Carey鈥檚 sudden departure from the firm in September 2010 following 17 years as the most trusted lieutenant of group chairman Tony Pidgley, a role in which Carey built up the firm鈥檚 St George brand.
Speaking after the settlement, Pidgley said Carey鈥檚 dismissal had been to do with 鈥渟uccession strategy鈥�. He said: 鈥淎t the end of the day, Tony Carey did a good job. It [his departure] was nothing to do with St George and the way he ran the company. It was to do with the strategy going forward and with succession - it鈥檚 as simple as that.鈥�
He did not support the strategy or the succession policy.
鈥淲e needed to look at succession, it鈥檚 the same debate as me. I love my job but it is incumbent on me to deal with succession and that is why Rob Perrins was brought forward.鈥�
Carey was unavailable for comment.
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