Hanover ordered to pay former chief

Finance company Hanover Group has been ordered by the Employment Relations Authority to pay former chief executive Kerry Finnigan $750,000, plus interest of more than $50,000.

The payment comprises $650,000 as compensation for disestablishing his job, $50,000 in bonus and $60,000 outstanding salary and holiday pay.

Hanover had agreed Finnigan had a personal grievance and agreed on May 12, 2005, to pay $700,000 in total.

But Hanover then alleged Finnigan breached the accompanying restraint of business deed when he accepted a chief executive job at rival Strategic Finance on September 28 - one month before his effective resignation date.