Lotus chief Bahar gets bonus if sports car maker is sold

[Frederik]

Lotus chief Bahar gets bonus if sports car maker is sold
23 Apr 2012

Dany Bahar, the chief executive of Lotus, has a clause in his contract that entitles him to a bonus if the car maker is sold.

The revelation of the financial incentive, potentially worth millions of pounds, comes amid growing fears about the Norfolk-based company and its 1,200 UK workers.

Malaysian conglomerate DRB-Hicom Berhad is reviewing the future of the loss-making British sports car maker after taking over Lotus’s parent company Proton in January.

Mr Bahar’s contract, seen by The Daily Telegraph, says he is entitled to 5pc of the enterprise value of Group Lotus if it is sold or 5pc of the value of its shares if the car maker is floated on a stock market anywhere in the world.

The potential payment comes on top of a guaranteed annual payment of at least £1.2m, including a £600,000 salary and performance-related bonuses.

Mr Bahar joined Lotus in 2009 and he was offered the new contract extension in December last year, a month before DRB-Hicom announced its investment in Proton.

The takeover of Proton has prompted a local campaign to keep Lotus manufacturing in the area. There are concerns that DRB-Hicom is planning a swift sale of Lotus and that a deal will lead to production being shifted outside the UK. Chinese car makers Youngman and Geely are thought to be interested in taking over the company.

The Prime Minister stepped into the situation by speaking to his Malaysian counterpart while on a trade mission earlier this month. At Prime Minister’s Questions, David Cameron said he is “very closely” monitoring Lotus.

Mr Bahar was hired from Ferrari in 2009 to engineer a five-year turnaround plan for Lotus that includes a raft of new models.

However, the investment plan has been placed in doubt since DRB-Hicom took control of Lotus.

DRB-Hicom said last week that it is still supporting Lotus “both financially and management-wise” and has “not decided to sell” the car maker. [ extra bron : http://www.lotusforum.be/viewtopic.php?f=38&t=4297 ]

However, in a new letter to DRB-Hicom, Richard Bacon, Conservative MP for South Norfolk, calls on the company to invest in Lotus.

He writes: “I would ask DRB-Hicom take steps to end the uncertainty by announcing its intention to invest in the plant and build on the tremendous potential which exists or to find an alternative owner who will offer credible guarantees about retaining Group Lotus in Norfolk.”

Mr Bacon says moving Lotus manufacturing overseas “would drive a stake through the heart of the local economy, which I believe no responsible owner would wish to see”.

A spokesman for Lotus declined to comment.

Bron : The Telegraph

[Frederik]

Dik premieke

roddels or truth?

[Frederik]

DRB-Hicom said last week that it is still supporting Lotus “both financially and management-wise” and has “not decided to sell” the car maker.

Blijkbaar klopt dit ... lees : http://www.lotusforum.be/viewtopic.php?f=38&t=4297

Klein lichtje aan het eind van de erg lange donkere tunnel vol verrassingen?

[Ruben]

5% van de opbrengst? Daar zou ik best wat marketing voor in willen zetten (zeker ook als het andermans geld betreft), toch..