Page 39 - Drambuie case study

“If you are changing direction, it’s better to hear it from the

horse’s mouth than someone some way down the line,” he

said. “I don’t think internal or external communication was

something that this company was good at. Now we are

being upfront with people and they are responding.” Parnell

In his last full year as chief executive Malcolm MacKinnon,

was paid over £1.2 million despite his last year in charge

yielding profits of just £270,000. In the following financial

period he earned £679,000 for seven months work, before

stepping down.

Parnell however, would only say that the deal he had

accepted to take on the job of chief executive was less than

his predecessor and that a remuneration scheme that

reflects the performance of the company had now been put

in place. Indeed, directors’ pay was cut from £1.6m in 2005

to £965,000 in June 2006.