A FORMER director of paper group and major Darwen employer David S Smith received £177,000 compensation for loss of office, according to the group's recently published annual report.

Stuart Russell took early retirement from the board on September 6 last year although he continued to be employed by the group until April 30.

The company operates the St Regis Paper Company's Hollins Mill site in Darwen which manufactures wallpaper, base paper and packaging materials.

The annual report also shows that executive directors at the group shared bonuses totalling £159,000 in the financial year to April 28 2001.

They are also entitled to share a further £110,000 under the company's deferred bonus scheme which will be payable in shares in three year's time.

Chief executive Peter Williams, 59, received a £49,000 performance related bonus.

Together with basic salary of £419,000, deferred bonus and benefits his total package for the year was £569,000 -- down from £663,000 the previous year.

Finance director David Buttfield, 54, received a £25,000 bonus and £214,000 salary as part of a £289,000 package -- down from £330,000.

Executive chairman of Spicers Eric Smith received a £25,000 bonus and £214,000 salary as part of a £276,000 package -- down from £319,000.

Chief operating officer Tony Thorne, 50, who joined the board in January received an £11,000 bonus and £100,000 in salary for the part of the year he served as part of a £124,000 package.

The company's annual general meeting will be held in London on September 5.