Olympic Executives Given £2.8m in Redundancy Payments

By iSportconnect | July 22, 2013

Officials at the Olympic Delivery Authority (ODA) were paid over £2.8m ($4.3m) in redundancy payments during 2012-13.

One hundred and forty-four members of staff were given exit payments after being put on permanent contracts, despite the ODA winding down in 2014.

The ODA’s CEO, Dennis Hone (pictured) was made redundant in March and was paid £80,000 ($122,289) and had £373,000 ($570,173) paid into his pension.

In the ODA’s Annual Report and Accounts said that Hone was entitled to statutory redundancy pay and a terminal bonus worth 60% of his salary.

The report read: “The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD.”

An ODA spokesman added: “We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project’s success or getting a job after the Games.

“The exit payments for staff other than Dennis Hone comprise only – and are limited to – statutory redundancy pay, any leave they were unable to take before their employment ended, and, where appropriate, payment in lieu of notice.

“Like other staff, Dennis Hone received performance related pay, but this was far from guaranteed and was measured against tough performance criteria.”

Hone is now the chief executive of the London Legacy Development Corporation.