Bonanza pay deal of up to £3.4m for new Nationwide chief executive
The new boss of building society Nationwide could be awarded as much as £3.4m a year if she hits all targets.
Debbie Crosbie is set to trouser a salary worth more than £1m while she will also be awarded up to £1.7m over seven years to cash out of pay deals at previous employer TSB.
Before bonuses, Crosbie will receive a base salary of £1.07m.
The cash awards were outlined in the mutual’s annual report, The Sunday Times reported.
Predecessor Joe Garner was paid £2.1m in his last year running the society, before Nationwide reviewed its remuneration process.
Now, the society will focus the top boss’s pay on long-term performance, as opposed to short term bonuses.
The building society said: “Nationwide is a systemically important institution and needs to compete to attract the right talent to run an organisation the size and scale of Nationwide and to ensure its long-term success.”
Crosbie’s bonanza pay will be voted on at the society’s annual meeting on 14 July in Swindon.