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| Southern Cross head to step down with no severance pay | Southern Cross head to step down with no severance pay |
| (40 minutes later) | |
| The chief executive of Southern Cross is expected to step down, the board of the failed care home operator has said. | The chief executive of Southern Cross is expected to step down, the board of the failed care home operator has said. |
| Jamie Buchan joined the Darlington firm in 2009 to help turn it around. | |
| The board said his anticipated departure was "part of the financial restructuring of the group" and would happen "once the process of transitioning homes is well advanced". | The board said his anticipated departure was "part of the financial restructuring of the group" and would happen "once the process of transitioning homes is well advanced". |
| They added that Mr Buchan had chosen not to take severance pay. The package on offer was reportedly worth £500,000. | |
| "Jamie Buchan's decision not to take compensation when he steps down as chief executive later in the restructuring process is entirely consistent with the tireless and selfless approach he has adopted while leading the management team at Southern Cross," said chairman Christopher Fisher. | "Jamie Buchan's decision not to take compensation when he steps down as chief executive later in the restructuring process is entirely consistent with the tireless and selfless approach he has adopted while leading the management team at Southern Cross," said chairman Christopher Fisher. |
| In February, Mr Buchan also agreed to cut his salary by 20% to £344,000. | In February, Mr Buchan also agreed to cut his salary by 20% to £344,000. |
| Southern Cross is set to shut down after landlords owning all 752 of its care homes said they wanted to leave the group. | |
| The restructuring process is planned to be completed in October. | The restructuring process is planned to be completed in October. |
| Operation of two-thirds of the homes is expected to be transferred to their respective landlords, while the fate of the other third is unclear. |