Ex Tomkins chief presses ?2m claim

Greg Hutchings, chief executive of industrial group Tomkins who was ousted two months ago amid allegations of corporate excess, has gone on the offensive to win a big pay-off.

He is claiming the independent report into the lavish perks he enjoyed at company expense - including four company planes, a helicopter and two central London apartments, one in Eaton Place, Belgravia - will exonerate him.

Mr Hutchings is demanding about £2m in compensation plus 3m shares and a lump sum pension payment. He has signed a confidentiality agreement while negotiations continue. A statement on his behalf yesterday said the investigation was complete and showed "all remuneration and benefits which he received were within his contractual arrangements and entitlements and had the necessary authorisations and approvals".

He enjoyed a jetset lifestyle at Tomkins's expense - including putting his wife and housekeeper on the company payroll - but Mr Hutchings says it was all approved by the former chairman Michael Moore in the mid-1980s. Mr Hutchings had not adjusted the package as views on corporate excess changed.

A source close to Mr Hutchings said: "He is not out to hit the jackpot here. He just wants the compensation he is entitled to, to restore his reputation and get on with his business career".

Mr Hutchings's move came as Tomkins chairman David Newlands - who forced Mr Hutchings to quit - sent a letter to shareholders saying the company had not yet reached a financial settlement with Mr Hutchings, who headed the company for 17 years. Mr Newlands is under pressure from shareholders to scale back any payment and yesterday he made it clear the excesses discovered "will be a factor in any discussions with Mr Hutchings". The letter added that the company's fleet of aircraft and the luxury apartments have now been put on the market and are likely to net more than £20m.

The company had made donations to the London Forum, run by Mr Hutchings's friend Lord Archer. Mr Newlands said full board approval would now be required for charitable and political donations.