March 14, 2012 / 4:27 PM / in 6 years

DONG Energy says fired CEO over generous contracts

* Chairman says board lost confidence in Eldrup

* Cites “unusual” contract terms for some employees

* Says Eldrup did not seek personal gain

COPENHAGEN, March 14 (Reuters) - Danish state-owned DONG Energy A/S said it fired its chief executive Anders Eldrup after it found out he had granted certain key employees excessively generous contract terms.

DONG Energy, an oil, gas and electricity producer, had announced on Monday that Eldrup, CEO for 11 years, was leaving by “mutual consent”, without giving further reasons for his departure.

But in a statement on Wednesday, the company said its board of directors fired Eldrup and would launch an investigation into the contracts he had approved for a small number of employees.

“In the last few days, the board of directors of DONG Energy has uncovered circumstances that have led to a unanimous board having lost confidence in Anders Eldrup,” DONG said in a statement. “These circumstances involve some unusual employment and termination terms for a few key employees in DONG Energy.” (Reporting by John Acher; Editing by David Hulmes and David Holmes)

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