Boardroom wrangle saw David Allen leave last summer
Wates handed its former boss David Allen nearly 拢1m in compensation last year after he left the company amid reports of a boardroom bust-up.
According to the contractor鈥檚 full accounts for 2022, an unnamed executive, believed to be Allen, was handed 拢992,000 in 鈥渃ompensation for loss of office鈥�, on top of a 拢491,000 salary.
Allen, who is now chief financial officer at Mace, became Wates鈥� chief executive in 2018 but left the company suddenly last July.
Neither he nor Wates cited a reason for his departure but it was believed to be a disagreement over the future direction of the business.
At the time, group chairman Sir James Wates praised Allen鈥檚 鈥渋ntelligence, commitment and compassion鈥� and thanked him for his contribution to the firm.
Chief financial officer Philip Wainwright took over as an interim before eventually being replaced by Eoghan O鈥橪ionard, previously a chief executive at a listed marine services firm, in February.
Wates鈥� turnover hit a record 拢1.89bn last year, although pre-tax profit was down 6% to 拢33.7m.
O鈥橪ionaird told 好色先生TV last month that battery manufacturing plants could be a growth market for the firm, having recently begun work a 拢500m gigafactory in Sunderland 鈥� its largest ever job.
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