Outgoing Serco boss Rupert Soames pocketed over £3m when he began selling his stake in the group ahead of his planned retirement.
Soames, the grandson of Winston Churchill and an eight-year chief executive of the outsourcing giant, sold nearly 1.9 million shares on Monday at an average price of 162p each.
It will still hold 8.7m shares worth around £14.2m based on the current share price after the sale.
Cashing in: Rupert Soames, who served as chief executive of Serco for eight years, sold nearly 1.9 million shares on Monday at an average price of 162p each.
The sale of part of his stake came after Soames announced in September that he would step down as chief executive at the end of this year.
He will be replaced by Mark Irwin, 57, head of Serco’s UK and Europe division.
Soames will remain as an adviser, receiving part of his £850,000 base salary and an annual bonus before retiring next September.
The 63-year-old is widely credited with changing the fate of the FTSE 250 group, which was mired in scandal when he took over in 2014.
But Soames has also come under fire for profiting from Test and Trace centers.
Credit: www.thisismoney.co.uk /