Izatt replacement to be paid half as much
Wednesday 30th November 2011, 2:57PM GMT.
Islander Lee Henry has replaced Stephen Izatt as the head of the States’ Jersey Development Company
THE new head of a company responsible for regenerating the Island’s urban areas will be paid nearly half of what his predecessor received, it has emerged.
Islander Lee Henry has replaced Stephen Izatt as the head of the States’ Jersey Development Company.
Mr Henry, who was the company’s finance director, will be paid £145,000 per year – much less than the £266,540 received by Mr Izatt who left his post earlier this month with an undisclosed pay-off.
However, Mr Henry will be offered a possible performance-related bonus of up to 20 per cent.
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The salary paid to Mr Izatt was obscene. The salary of Mr Henry, though less is IMO still too much.
I for one would like to see his detailed job description as well as understand what KPI’s he must achieve to earn the bonus.
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He left with such a good pay off that they could not afford to pay for his replacement.
Still around £600 per day, not bad. I think David Cameron s got the wrong job….
I ll be curious to know who else gets paid more than 100k from the tax payers money.
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This is very good news. A local person getting a key job at a salary that makes sense for the position being occupied. Also, an appointment from within. Lee probably knows all the issues and will avoid the mistakes of the previous incumbents. Best wishes to you Lee.
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How much was Stephen Izatt´s goodbye payoff Treasury Ozouf needs to tell the public how much Mr Izatt has cost them, what is he afraid of. Why is the Jersey Development Company duplicating the work of a States department called Jersey Property Services when the States are supposed to be saving money.
No disrespect to Mr Lee, his remuneration would have employed three much needed qualified nurses. I guess they are a low priority.
Davey West.
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Fair play. Seems a sensible figure for such a position. I wish him well and hope that he does a better job than his useless predecessor.
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It’s good to see a local appointment for this position. However, WEB have a track record of employing very few local consultants and I believe they should rethink this- given our record unemployment and the economic difficulties facing the Island. An International Finance Centre, can still be delivered locally.
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In these uncertain times, does Jersey need an ‘International Finance Centre’ let alone more shops and flats.
International empty property centre more like it – and how many more workers will be imported to build it??
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Steve Izatt’s salary in 2010 was made up as follows:-
£175610 salary
£11647 benefits
£21951 bonus
£30990 housing allowance
£26342 pension contributions
£266540 total
Which begs the question how many of the above sweeteners is he forgoing.Sorry but totally innacurate reporting on spin from our COM
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Thank you for that. Do you know what the bonus was for? Did the Island Development Company make a profit, or did it just sell States of Jersey land?
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The companies accounts are available via The Jersey Development Company website,click about us,financial and the full set of 2010 accounts are available to view.
Interesting reading!
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On £175,610 you don’t need a housing allowance!
And I can only assume the bonus wasn’t performance related (unless you’ve missed a ‘-’ from in front of that £21951).
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Operating profits were £2,043,804,so quite how the bonus was worked out is not very clear.
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THe question isn’t “was there a profit?”, the questions are “could a monkey have also managed to get that same profit?” and “could someone with a modicum of intelligence brought in a far higher profit?”
I know the answer to the last one is “yes” because I know that places have lain empty due to Mr Izatt’s incompetence!
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On page 6 JEP 30th november Redundancy of high earners to be taxed.
Guess why we had a rush of high earning civil servants such as Mr IIzatt and Mr Ogleys decided enough, I mean how dare the the states want any of their
(hard) money in tax when they leave with their big pay offs .
Selfish as always . Stupid states members as usual, civil service taking the public for mugs, .
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Q What is half an ‘extremely obscene’ wage?
A ‘Obscene’.
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States policy was only employing the best hence the extortionate salaries.
If Mr Izzatts replacement has accepted half.. why was Mr Izzatt paid so much? Or is Mr Henry not up to the job? In which case why has he got it?
Can’t have it both ways…
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“We have to pay well to attract the best.” is a flawed policy often argued by those in the finance industry. Thing is, time has shown us that the people who were actually making their way into these highly paid jobs were incompetent all along, in some cases this involved whole committees of men allowing testosterone to take over their decision making.
So it is clear when it comes to these very highly paid sorts that they are only the best until they are found out for what they really are, and that is incredibly poor at their job.
Of course they will get another highly paid job because someone will see their CV, see that they were on a high salary, see that they weren’t fired, and assume they must be be worthy of that high salary, when the truth is that we have found out they were rubbish and have paid them to leave.
The whole system is flawed. We shouldn’t be paying people to leave, we should be starting capability proceedings against them. This way a future employer can take up references and find out that the person was rubbish and save themself a big payout in the future when they want to get rid!
If I were to have to attract one of ‘the best’ nowadays I’d be wanting them to commit to a low salary and a variable (but high) performance-related bonus. That’s the only way to ensure that they are actually good at their job.
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