Chief’s £1.5m bonus for foreign takeover

THE boss of British tech darling Aveva is set for a £1.5m bonus after agreeing its takeover.

James Kidd, who stepped up to be chief executive of the Cambridge-based firm in January, is set to be rewarded for finally getting a merger with French firm Schneider Electric’s software business over the line.

Attempts at a tie-up had failed twice before a new £3bn proposal was unveiled on Tuesday.

Earlier attempts failed but find common ground but this time the merger was presented as a finished proposal which could go ahead with approval from regulators and shareholders.

Aveva’s board said Kidd, 47, ‘invested significant amounts of personal time and exceptional effort’ in securing the deal.

He is set for a one-off cash bonus – separate from his £450,000 salary, bonus and longterm incentive schemes – with conditions attached.

Kidd will only be paid the full £1.5m if he stays for two years and meets targets. David Ward, 41, the chief financial officer, is in line to get £850,000.