Friday, Aug 10, 2007
£625,000 payoff (1 yr salary) for losing market share
Timesonline: HBOS retail chief exits after a year in the job
HBOS yesterday revealed the surprise departure of Benny Higgins, the high-profile head of its struggling retail banking business who was poached from Royal Bank of Scotland only last year.
The bank also confirmed that Phil Hodkinson, its well-regarded finance director, will retire next year when he turns 50. He will be replaced by the former incumbent, Mike Ellis, 56, who will return to HBOS in September, two years after he retired from it.
Mr Higgins will leave Britain's largest mortgage lender at the end of the year. HBOS confirmed he will receive a payoff but refused to give details, adding only that the two parties had “reached a mutually acceptable arrangement”. According to the company's latest annual report, he is eligible for one year's salary - or £625,000.
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1. Whiteknight said...
Reduced their share of the mortgage market? He probably saved the organisation. (well he would have , if the whole system wasnt about to collapse)
Maybe the investors will approve that the other idiots who make money extending far too much credit will repay their bonuses to the firm and they can be appropriately allotted to him.
Talk about the ridiculous metrics that are steering us to disaster.