Stephen Hester, who will take the reigns of the the beleaguered
Royal Bank of Scotland
(RBS) on November 21, will receive a 50% salary rise on his pay at British Land
plus shares to the value of more than £6m for the job of putting the bank back
on its feet.
Hester, who will receive 10.4m shares valued at £6.7m, yesterday hinted the
troubled bank was heading for its first full year of losses. The newly installed
chief is said to be working on a fresh strategy expected to undo much of the
expansion achieved by his predecessor, according to the Guardian.
A prospectus accompanying the bank’s unprecedented £20bn fundraising, shows
his salary is £1.2m – a 50% premium on his pay as British Land chief executive –
and the award of shares is aimed at buying him out of British Land schemes.
He will qualify for the first tranche of shares immediately after the
publication of the bank’s full-year results in March. The remainder will be
handed over over the next two and half years.
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