Former CEO of Avis Europe tipped for six-figure pay-off

Former chief executive of Avis Europe PLC, Mark McCafferty could be in line for a compensation payment under the terms of his contract.

McCafferty left the company suddenly in September to pursue a career in the private equity arena.

The group which announced a raft of exceptional charges totalling close to €100m and also the withdrawal from its loss-making accident management business Centrusl would not comment directly, but indications are that McCafferty could get a payment of up to £365,000 (€523,075).

According to the company's annual report and accounts for 2002, McCafferty was paid a basic £365,541 (€523,850) last year, although bonus payments took his total remuneration to £502,652 (€720,412).

Acting chief executive Alun Cathcart said the details of McCafferty's compensation would be published in the accounts for 2003.

He said the search to find a replacement chief executive is underway and that an announcement could be made fairly soon.