Rolls-Royce ex-finance chief gets near-£1m payoff Under the terms of his contract, Mr Morris will receive 12 months" salary of £510,000, along with £207,150 in benefits, made up of car and fuel allowances, pension, medical and life insurance and tax planning in lieu of his one-year notice period. Under his performance related bonus, he also is entitled to 18,591 shares, worth £156,722 at the current share price. He will also be offered £40,000 for "career transition support." As his replacement Rolls has appointed David Smith, the chief financial officer of the company's aerospace arm. Rolls-Royce said Mr Smith will be offered a pay and benefits package "very similar to, and not in excess of" his predecessor. The new financial director faces a difficult task. In October, the company issued its second profit warning of the year, saying it was been impacted by a rapid deterioration in economic conditions and the effect of sanctions on Russia. As a result, underlying profit would be flat at best and could fall as much as 3pc, Rolls-Royce warned. The news sent the shares plunging 12pc. In February the company also issued a grim statement, saying the underlying revenue and profits would be flat as a consequence of lower defence spending by governments, although the company said it would grow in 2015. That news also caused the shares to dive. How Rolls-Royce shares have performed over the past year. Source: Bloomberg