Londis chief resigns over bonus controversy

The chief executive of Londis in Britain has agreed to step down after he and three colleagues dropped their rights to a controversial bonus scheme that would have handed them 51% of the company, following a merger with Cork-based Musgrave.

If the deal had gone ahead, Graham White, chief executive; Andrew Wallace, the finance director; Terry Bedford, sales director; and Denise Buller, commercial director, stood to land £20m (€29.6m) from a share options scheme.