Lloyds chief to get £4.6m "golden hello"
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Source: Newscast/David Parry
Lloyds Banking Group has awarded new chief executive Antonio Horta-Osorio £4.6m in shares and cash to buy him out of his contract with Santander.
Horta-Osorio, who joined the state-backed lender at the start of March, will receive the “golden hello” on top of an £8m annual package and £900,000 pension, taking his earnings this year to around £13.5m, according to the Financial Times.
His pay is roughly in-line with that of Royal Bank of Scotland chief executive Stephen Hester.
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Readers' comments (2)
Astevens4 | 31 Mar 2011 10:32 am
Its hardly a golden hello if its used to buy him out of his contract now is it. You wouldnt say a footballer had an £85 million golden hello because the club had to buy him out of a contract would you?
Dont get me wrong, i still think the renumeration package is excessive, but you cant really blame him if he's not going to benefit from it.
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Anonymous | 31 Mar 2011 12:35 pm
Snouts in the trough.
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