Fitch chairman given 1m golden goodbye

The board of design agency Fitch is paying its chairman Martin Beck a 98,000 bonus on top of the 969,330 he receives for his company stake, following its acquisi-tion by US marketing conglomer ate Lighthouse for 26m (MW March 25).

Beck’s additional windfall was offered as an incentive by the board after it decided to attract a buyer to help it achieve its expansion plans.

Fitch, which is currently quoted in London, has its biggest presence in the US. Beck described his incentive as “a typical US way of going about things”.

Other major shareholders selling their stakes include restaurateur Sir Terence Conran, who gains 2.7m, and board director Jean-François Bentz, who will make 1.55m.

Meanwhile, investors Brand Trust SA will be paid 3.3m for its stake, The Fleming Mercantile Investment Trust will get 3.5m and Egerton Capital Partners gains 973,946.

Lighthouse aims to build an integrated global marketing network. Fitch will offer a retail, branding and product design service within the growing group.

News Analysis, page 20

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