Countrywide pay chief quits after ‘Fat Cats' controversy

Countrywide, which was hit by a row over executive pay during the summer, is now on the look out for a new remuneration chief following a surprise resignation.

Sky News reports that Countrywide has hired headhunters to identify a new non-executive director to replace Cathy Turner as chair of the company's remuneration committee - she is believed to have been the person who drew up the controversial pay package that prompted an investor revolt earlier this year.

Under the scheme, abandoned after high profile criticism in August, the executive chairman Peter Long could have received stock worth well over £6m under Countrywide's new Absolute Growth Plan.

Two other board executives - Paul Creffield, the group managing director, and chief financial officer Himanshu Raja - could have received shares valued at more than £8m and £7m respectively.

The deal quickly earned the name 'Countrywide Fat Cats' amongst agents working in branches.

Countrywide agreed to an embarrassing U-turn on the package after widespread criticism of it happening at the same time as the company’s Back To Basics programme attempting to attract staff back to the company.

Now Sky says Ridgeway Partners, a search firm, had been asked to find a successor to Cathy Turner, who has been on the group's board and chaired its remuneration committee since 2013.

Sky says it is unclear whether Turner would step down from the Countrywide board altogether or just relinquish her responsibility for setting boardroom pay.

Countrywide has declined to comment on the subject.