Sir Peter Bonfield, who earlier today revealed plans to quit as chief executive of British Telecommunications a year earlier than intended, stands to make £3.14 million sterling in salary and other benefits.
Mr Bonfield leaves with a £1.5 million pay off. This covers one year's salary, bonus and various benefits like a car and health insurance.
His contract was due to expire in December 2002 but he plans to leave at the end of January 2002.
He will also receive an extra year of pensionable service, around £350,000, and keep his executive share awards. These were worth £290,000 at BT's closing price on Monday.
Finally, Mr Bonfield has deferred bonuses payable in shares over three years that are worth £1 million at Monday's closing price.
That brings the total value of what he might receive, taking Monday's closing share price, to £3.14 million sterling.
"We share the view that board room excesses are intrinsically a bad thing but that is life in the board room," said a spokesman for union Connect which represents 18,500 telecom professionals.
"But that is a minor side show, the big one is the future of BT. We would like to see it remain in its current form rather than being carved up and sold off," he added.
PA