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Former Hbos Boss Andy Hornby Set For £1m Salary At Boots

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http://www.telegraph.co.uk/finance/newsbys...y-at-Boots.html

The 42-year-old former boss of HBOS is making a quickfire return to business life only three months after being grilled by politicians over his role in the near-collapse of the bank.

Mr Hornby also stands to receive shares in Boots that could be worth tens of millions of pounds when the company is floated or sold.

Italian billionaire Stefano Pessina, executive chairman and major shareholder in Europe's biggest pharmaceutical chain, has courted Mr Hornby for several months.

Mr Hornby, who waived a £1m payoff when HBOS was rescued in a takeover by Lloyds Banking Group, is set to earn a basic salary of about £500,000 a year, making him the highest paid director, excluding Mr Pessina, .

He will also be entitled to a cash bonus of up to 125pc of his salary, before any share options.

Prior to the HBOS calamity, Mr Hornby had been described as one of the most talented retailers of his generation and was first approached by Boots in 2003, when it was a quoted company.

At the time, HBOS paid him a multi-million pound loyalty bonus to stay at the bank and within four years Boots was taken private in a highly levered £11.1bn deal. Buy-out group KKR, which now owns the company, recently wrote down the value of its stake by 45pc.

As well as forgoing his £1m HBOS payoff, the Harvard graduate waived part of his pension entitlement, although he did receive a short-term £60,000 a month consultancy payment following HBOS's rescue takeover by Lloyds Banking Group last year.

Mr Hornby was badly bruised by the HBOS debacle. In February, he was visibly distraught as he faced interrogation by the Treasury Select Committee alongside Sir Fred Goodwin, the former Royal Bank of Scotland boss, and the banks' respective chairmen.

However, Archie Norman, the former Asda chief who was once Mr Hornby's boss, said he had learned from his HBOS mistakes.

"There is no arrogance about him. He is a young guy and he has gone through fire," said Mr Norman. "He is super bright and congenial. And although he has actually been a banker longer than a retailer, I think he needed a break from the financial world."

Bankrupt a bank and get a £1m a year job.

Nice work if you can get it.

There must be a wave of optimism sweeping over all Boots staff.

Who said success and hard work aren't rewarded.

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I will no longer shop at Boots.

thats the answer refuse to shop at boots in protest until they get rid of him or they go bankrupt

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Guest eight
Me neither, Hornby in charge of another highly leveraged high street name. I wouldn't trust him with a train set.

So what's the explanation then? Old school tie network? Freemasonry? Or does he just give exceptional head?

Is this guy's presence alone going to put more than £1M on Boots' bottom line for the duration of his employment? If so, what has he got that others haven't? If not, why have him?

eight

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http://www.telegraph.co.uk/finance/newsbys...y-at-Boots.html

Bankrupt a bank and get a £1m a year job.

Nice work if you can get it.

There must be a wave of optimism sweeping over all Boots staff.

Who said success and hard work aren't rewarded.

TBF (correct me if I'm wrong) most of the blame for HBOS really lies with his predecessor; AH took over at a late stage by which time the damage was done.

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I guess that's another High Street name about to disappear. They seem to be like football managers these clowns. They are proven to be incompetent but due to the old boy network another lucrative gig soon appears. I would be worried if I worked for Boots.

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Boots are made for walking past their door...shame they used to be a good store, such is life. ;)

Edit:cute tune to take advantage of.

Edited by winkie

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As I said in previous thread, ban on wife shopping there.

Actually won't need to, all I'll have to do is recount this story and she wouldn't want to go there anyway.

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Nope, he inhereted and followed through.

A little Naive.. shoulda looked a bit closer.

Failure nowadays appears a good qualification for an overpaid job (Gordan Brown is a good example)

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