British Telecom has paid out a massive £1.6 million “termination payment” to Francois Barrault.
Francois who, you may ask? He was head of BT’s Global Services arm and, according to the company, was responsible for running up the bulk of the company’s $134 million total loss.
Some 15,000 workers lost their jobs last year to pay for Francois’s mismanagement and a further 15,000 jobs are expected to go this year.
This amounts to 10 percent of the entire workforce.
Meanwhile the remaining workers will see their pensions suffer because of BT’s spiralling pensions deficit.
These workers are not responsible for BT’s current financial woes.
In contrast Barrault has enjoyed perks including a company car, home security, dental cover for his family, allowances for housing, school and social club fees.
He was even given his own financial counsellor.
Communication Workers’ Union rep Andy Kerr said, “He is being rewarded for failure.”