Friday January 24, 2020

Tullow to pay ousted McDade €1.2 million

Former chief executive’s exit package includes one year’s salary, plus pension and health insurance costs

Ian Guider

Markets Editor

@ianguider
15th December, 2019
Paul McDade, who was chief executive of Tullow Oil since 2017.

Tullow Oil’s former chief executive will walk away with more than €1.2 million from the company.

It follows an almost €1 billion collapse in the firm’s share value last week on foot of a warning that its output will slump next year.

The company has agreed to pay Paul McDade, who has been chief executive since 2017, his full 12 months’ salary of £769,155 (€922,000) in lieu of his notice...

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