According to the Daily Telegraph, Karle earned £686,600 during his seven months work, including an £82,000 bonus. He is also entitled to a £95,000 a year pension from the age of 65.
Karle’s pay-off is the largest single compensation payment for a society director in the crisis. He resigned with immediate effect in October 2008 with former Portman boss Robert Sharpe taking over the following day.
The group published a £48.8m pre-tax loss in June with £66m of bad debts. The Government stepped in when the firm was on the brink of insolvency with a new financial instrument to allow the firm to recapitalise.