Essentially, the redundant managers need to be treated with respect, dignity and fairness. If companies handle it well, such departures can be opportunities for celebration and a planned transfer of responsibilities and knowledge. Handled badly, such exits can be extremely damaging to individuals and organisations and become legalistic and unpleasant as compromise agreements and confidentiality clauses come to the fore.
Fine Law successfully represented top managers (CEO, CFO, General Manager, Administrator) in connection with their exits. In the last few years, we have been entrusted with the representation of a noteworthy number of top managers in connection with their exits from multinational companies, just few to mention Lidl, Carrefour, Standard Chartered, Piraeus Bank, Ranbaxy, LG Electronics, Vodafone. Our strategy was to involve from the beginning diverse decision makers (General Counsel, President of Board; CFOs) in complex interrelated negotiations, providing value added options which overall had as a result less intolerable termination.
As a result, our clients, the redundant managers, received significantly improved termination packages, comparing to company’s proposal.