The chief executive of insolvent German retailer Arcandor is in talks to step down from his role on Tuesday and pocket up to €15m for six months’ work.

Karl-Gerhard Eick was drafted in to the post in March to save the beleaguered retail group which operates the Karstadt department store chain and mail order group Primondo.

Eick is in talks to have his five-year contract paid out, according to the Financial Times. The contract is composed of an annual €2m in fixed pay and a bonus of €1m.

It is understood that bank Sal. Oppenheim, which holds a 24.9% stake in Arcandor, guaranteed Eick’s full compensation in order to lure him from a multi-year contract with Deutsche Telekom.