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West Brom chief scoops £520,600 despite failings

The former West Brom Building Society chief executive Stephen Karle received a £520,600 pay-off in 2008 despite taking the firm to the verge of bankruptcy.

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.

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