International Power’s Cox Got GDF Takeover Bonus, Times Reports
International Power (IPR) Plc’s Chief Executive Officer Philip Cox received a 3.2-million pound ($5.1 million) “change of control” bonus after agreeing to cede a majority stake in the utility to GDF Suez SA (GSZ) last year, the Sunday Times reported.
The payment stemmed from stock options in International Power held by Cox that were converted into cash, the paper said, citing the company’s annual financial report last week. International Power completed a merger of assets with Paris- based GDF last year, with Cox keeping its job.
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