Former Torm CFO got USD 1.75 million golden handshake

Torm's former CFO, and one of the key people behind the carrier's restructuring plan, Roland M. Andersen, triggered a clause that brought him USD 1.75 million when the company got new owners.

When Roland M. Andersen, Torm CFO until October 2013, left the company, he triggered a clause in his contract that brought the chief financial officer a USD 1.75 million golden handshake.

The special one-time compensation for Roland M. Andersen, a so-called Change of Control clause, is evident from Torm's annual report for 2013 under the section detailing remuneration of Board and management in the past year.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

ECSA's new secretary general balances on a razor's edge

ECSA’s newly appointed secretary general, Sotirs Raptis, has taken up the helm of an organization criticized by its own members for being invisible. In an interview with ShippingWatch, Raptis explains how he intends to alter that image.

Further reading

Related articles

Latest news

See all jobs