NS to pay ousted CEO €175,000 settlement

Former NS CEO Timo Huges will receive a settlement of 175 thousand euros from his former employer. This amount consists of 6 months' salary, in accordance with his notice period. He will not be receiving any severance pay or bonuses, AD reports.

Huges was fired in June for involvement in irregularities in the procurement of public transport in Limburg. He sent an email addressed to him containing competitively sensitive information of transport company Veolia to NS subsidiary Qbuzz, who was one of the parties that submitted a tender for the bus transport in Limburg.

The former NS CEO had filed a lawsuit claiming 165 thousand euros from his former employer in salary over the notice period and holidays not taken. This lawsuit would have appeared in court next week, but has been scrapped now that both parties have reached an agreement.

Minister Jeroen Dijsselbloem of Finance, the sole shareholder of NS, wrote a letter to the Tweede Kamer, lower house of parliament, saying that he regrets the settlement but has become convinced that it is the best solution for NS. Dijsselbloem previously stated that Huges would not receive any severance money. "Given the course of the dismissal, I can not honor these words", he wrote.