Former Alliance Trust boss picked up £1.4m final pay

Katherine Garrett-Cox received a final pay package of just under £1.4 million before leaving Dundee-based Alliance Trust last year, its annual report has confirmed.

Katherine Garrett-Cox was ousted from Alliance Trust after a battle with a rebel shareholder. Picture: Jane Barlow

Garrett-Cox left the company in the wake of a battle with activist investor Elliott Advisors.

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Once nicknamed Katherine the Great for her reputation in financial circles, she was paid £425,000 in salary and £589,000 in bonuses and long-term awards. She also received a payment of £5,225 for redundancy and £106,000 cash in lieu of a pension contribution.

The report said no discretionary payments were made to Garrett-Cox or former finance chief Alan Trotter. Garrett-Cox joined Alliance Trust as chief investment officer in 2007 and was promoted to chief executive the following year.

A boardroom shake-up saw Garrett-Cox ousted from the main board but she remained as chief executive and a director of its investment business.