Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Sacked Cowie director faces compensation fight

Patrick Tooher
Saturday 08 February 1997 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Cowie, the Sunderland-based transport group, yesterday dismissed its main board director responsible for finance leasing and indicated it would fight compensation claims for loss of office that could be worth pounds 480,000.

In a short statement, Cowie said Neil Pykett "had been relieved of his executive duties ... with immediate effect". Cowie insisted his abrupt departure had nothing to do with the group's financial performance.

Mr Pykett, who was on a three-year rolling contract and an annual salary of pounds 160,000, indicated in October that he wanted to leave Cowie in 1999.

But sources close to Cowie said Mr Pykett had become "de-motivated" after announcing his decision, leaving directors with no choice but to dismiss him without further delay.

It remains unclear if Mr Pykett, having signalled his intention to quit Cowie, is entitled to a pay-off. Cowie insists he will not receive a penny.

Mr Pykett was unavailable for comment. He joined Cowie 13 years ago and was appointed to the board in 1987. Recently he exercised options in Cowie to buy a large working farm in the Cotswolds.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in