CEO paid £1.1m despite quitting before start

A CEO has received £1.1million in severance despite quitting before entering the role.

Elio Leoni Sceti was set to become CEO of cosmetic company Coty when the Italian businesses man changed his mind one week before his start date.

However, the New York based franchise is still paying his severance pay, as well as buying back his preferred stock.

Sceti was supposed to take over the leading role from Chairman and current interim CEO Bart Becht, but just days before announced that he “has reconsidered and decided not to join Coty.” The company have since claimed that the pay-out given to Sceti is in keeping with the contract he signed in April, detailing a severance package equal to a year’s annual salary.