BusinessCompany NewsPay-offs pave way for FD to take charge at Nationwide

Pay-offs pave way for FD to take charge at Nationwide

Former directors paid £3.4m after boardroom shake-out

The appointment of former finance director
Graham
Beale
as the boss of the country’s
biggest building society, Nationwide
, has come at a heavy price with three
former directors pocketing pay-offs totalling £3.4m.

The pay-offs are set to be confirmed in the 2007 report and accounts this
month.

The biggest payout was to former chief executive Philip Williamson, who left
in March. He received £1.6m, taking his overall remuneration for 2007 to £3.2m.

Bernard Simpson, his former deputy, received £890,000 on top of his 2007
remuneration of £1.1m, while Jim Willens, who used to head group services,
received £926,000.

Further reading:

Social housing: Opening doors

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