This is apparent from the most recent annual report of Beter Bed, which in 2020 accounted for a turnover of 222 million euros.
Van den Morgen started in September 2018 as chief financial officer of the then ailing company. At the end of 2019, he suddenly left, and was replaced by the then supervisor Gabrielle Reijnen.
At the insistence of the interest group for private shareholders VEB, Beter Bed came up with slightly more details about the surprising departure of the financial director.
According to the company, Van den Morgen had left because he no longer fitted in with the changed strategy after the sale of the German problem subsidiary Matratzen Concord.
In response to questions from the VEB, Beter Bed also announced that the CFO would receive severance pay. This would be in accordance with his contract and the Corporate Governance Code.
“This will probably mean that Van den Morgen will receive a severance package of one time his base salary, or 255,000 euros”, the VEB concluded in a response at the time.
More than a ton higher
Beter Bed’s most recent annual report shows that the compensation was therefore more than a hundred thousand euros.
This is because the severance package did not consist of one year’s salary, as the VEB assumed at the time. Van den Morgen received a lump sum payment of nine months, and six months’ salary continued to be paid during the notice period.
Switch to Ahold
It appears from his Linkedin page that 43-year-old Van den Morgen was not without work for long. In March 2020, he joined Ahold Delhaize as ‘Vice President Finance Europe and Indonesia’. Before coming to Beter Bed, he also worked at Ahold.
The then ailing Beter Bed has now moved into calmer waters. Turnover rose by more than 19 percent in 2020 to 222 million euros. Net profit was 7.9 million, compared to a loss of 52.6 million in the previous year.
The Beter Bed share, which traded slightly above 2 euros at Van den Morgens departure, is currently trading at more than 7 euros.