Advertising agency MediaBrands Netherlands must pay more than €1 million to their former Chief Financial Officer, who was suddenly fired after 15 years of service, according to a report by RTL Nieuws.
MediaBrands Netherlands is part of the American media giant Interpublic Group (IPG). The 53-year-old served the company as the Chief Financial Officer (CFO) of the Benelux region.
However, he was abruptly informed in June 2022 that he would be dismissed.
Sudden dismissal, but what was the reason?
The company claimed the man’s role would be scrapped as part of a “reorganisation,” and he was not suitable for the new CFO position in the Netherlands.
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Despite his objections, he had to kiss goodbye to a gross annual salary of €540,000.
Not settling for less
MediaBrands offered up a total of €285,000 for the man’s severance pay.
He was not pleased. As the former Financial Officer, he knew their numbers — and believed the company could do a lot better.
Arguing that he was dismissed without valid grounds and that no effort was made to reassign him, the man took his former employer to court.
He didn’t hold back, claiming €4.1 million as “fair” compensation. If only we had the confidence of a Dutchman… Too bad hubris doesn’t help us out every so often.
The Judge sided with our guy!
In a ruling by the Amsterdam court, the judge largely sided with the 53-year-old.
The judge thought that the defendant failed to prove that a reorganisation was necessary, and did not make any effort to reinstate the plaintiff.
He said that MediaBrands acted “extraordinarily” and “seriously culpably.”
The court then awarded the man an additional €750,000 in fair compensation, on top of what he had already received.
This racked up MediaBrands’ severance bill to a whopping €1,035,000.
One of the highest compensations ever
Jochem de Roos, the man’s lawyer, walked out of court a happy camper.
“This was far from a disappointment for us,” he tells RTL Nieuws. “It is one of the highest fair compensation awards ever,” he adds.
If everyone had the self-worth of a Dutch CFO, perhaps we’d demand what’s ours and not be afraid to take it. What would the world look like then?
Do you think this compensation was fair? Tell us in the comments!
