Man Paid To Do Nothing Wanted $2 Million. He Missed His Chance By 2 Days: Had he replied 2 days later, Antoine Zenone may need been thought of for a buyout (Representational)
Man Paid To Do Nothing Wanted $2 Million. He Missed His Chance By 2 Days
An government who was paid about $18,000 a month by LafargeHolcim Ltd. to do nothing failed in his go well with to pressure the cement maker to fireplace him with a payout price greater than $2 million. Timing was his undoing.
When his employer Lafarge SA introduced in 2015 a staff-buyout program as a part of its merger with Holcim Ltd., Antoine Zenone hoped he might get a golden handshake. However the firm instructed him he wasn’t eligible and French judges have mentioned “non” — thrice in a row.
The Paris appeals court docket dominated that Zenone could not profit from the plan as a result of he’d already agreed to an expatriate place in Singapore. That suspended his French employment contract and excluded him from buyout gives made to Lafarge’s home employees.
Zenone was searching for about 2.1 million euros ($2.three million) and till just lately had been paid 16,195 euros gross a month by Lafarge with out having to offer any work, in keeping with final week’s ruling.
The world’s two largest cement makers mixed in 2015 to chop prices and enhance worth as demand for constructing supplies eroded. However LafargeHolcim shares slid in subsequent years on a lack of investor confidence and a scandal over operations in war-torn Syria.
When Zenone got here again from his posting as chief government officer of Lafarge’s department in Singapore two years in the past, Lafarge provided him a challenge supervisor place however he did not take the position. He states on his LinkedIn profile that he began a brand new job at a plastic pipe maker final month.
LafargeHolcim mentioned in an announcement it would not touch upon personnel issues. Zenone did not reply to requests for touch upon the lawsuit.
As a part of the tie-up, Lafarge instructed employees representatives in Could 2015 that about 380 jobs could be minimize all through the world, partly by way of a voluntary program.
Simply two days earlier, he had written an electronic mail cited within the court docket case that he agreed to take the Singapore place. “I sit up for beginning,” he mentioned.
Had he replied two days later, Zenone may need been thought of for a buyout.
Zenone later complained that he was misled into taking the Singapore expat job and requested to get again on a French contract.
He instructed Lafarge in mid-2016 that he had solely agreed to the posting as a result of he believed it meant finally turning into nation CEO for each cement makers’ operations within the southeast Asian state.
That argument, which did not transfer LafargeHolcim, additionally did not persuade the Paris appeals court docket.
“He cannot declare that his job was made inconceivable on condition that he continued to occupy his submit for nearly three years,” the judges dominated. The court docket added that there was no proof that Lafarge was liable for the failure to finish the merger of the 2 corporations’ operations in Singapore.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)