Former HBOS boss Andy Hornby has not had a bad first nine months at the helm of High Street retailer Boots.
According to recently published accounts he received £600,000 of his £850,000 annual salary, a bonus of £805,000, a £240,000 cash payment in lieu of pension contributions, oh, and a ‘signing on fee’ of £400,000.
This on the back of what the Guardian has described as his “disastrous stint as chief executive of HBOS” which led to the bank being bailed out as part of a government brokered forced merger with Lloyds.
By contrast, former RBS investment banking boss Johnny Cameron has struck a plea bargain with the soon to be defunct FSA pursuant to which they have not banned him in return for him confirming a self-imposed lifetime ban from performing any ‘significant influence function’ or full-time job in the financial services sector. Mr Cameron said:
“Given the losses sustained by RBS in 2008, as a director of the Royal Bank of Scotland group I recognise that it is appropriate that I take my share of responsibility, and I will not be seeking another managerial role in the financial services industry.”