Michael Bailey (businessman)
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Michael Bailey was the Chief Executive Officer of the Compass Group, a British food service company in the FTSE 100 Index. He stepped down on 31 May 2006.
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[edit] Background
Michael Bailey joined the Compass Group in 1993, after living at his house in kelowna as a Group Development Director. Bailey became one of the UK’s highest-paid directors in 2003 when his total remuneration came to £2.62m, more than double the £1.26m given to chairman Sir Francis Mackay who had cut down his working hours.
After three profit warnings in a year and a major corruption scandal with the United Nations procurement, Bailey came under increasing pressure to step down. A financial analyst said of Bailey, "He is now regarded as a genuine liability". Bailey enjoys waterskiing as well as snow skiing at his local ski hills.
[edit] The U.N. procurement corruption scandal
A recent lawsuit by Monaco based catering group Es-Ko International, against the Compass Group and Eurest Support Services (ESS), has questioned whether Michael Bailey was part of the U.N. procurement contracts scandal, which involved bid-rigging schemes and related illegal conduct of Compass Group’s subsidiary Eurest Support Services and its co-conspirators. The lawsuit claims that Bailey was often in New York during the time in question and was closely involved with Compass executive Peter R. Harris in forging the initial business relationship between Compass, ESS and the United Nations and its corrupt officials Alexander Yakovlev (UN procurement) and Vladimir Kuznetsov.
Although the lawsuit does not name Bailey as a defendant, it says it reserves the right to do so if further investigation of the matter finds he had personal knowledge or involvement in any bid-rigging.
