Gartmore CEO’s Golden Parachute Raises Ire

May 20 2010 | 11:01am ET

A sizeable number of Gartmore Group shareholders expressed their outrage at the golden parachute guaranteed its CEO by voting against its pay report.

Jeffrey Meyer is guaranteed £5 million payout if he is terminated without cause, equivalent to twice his current annual salary and twice his target bonus, reports. That didn’t sit well with a fair number of Gartmore shareholders.

Some 17% of them either abstained or voted against the director’s pay report at the firm’s annual meeting, Gartmore said.

It is the latest sign of dissension at the firm, which took a public relations hit when it suspended star hedge fund manager Guillaume Rambourg in March for violating firm policy. Rambourg was reinstated last month, even though Gartmore found that he had improperly directed trades to favored brokers, but not before Rambourg’s partner and top Gartmore manager Roger Guy blasted the rules that led to Rambourg’s suspension.

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