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Richard Pym, the above arch of Alliance & Leicester who was
bygone accepted as the new arch controlling of Bradford & Bingley,
is to be paid £2.25m by next summer as he attempts to accompany the
abandoned coffer aback on track.
B&B appear his basal bacon will be £750,000 per year with a
affirmed £750,000 benefit and the aforementioned amount in B&B
shares by next July. He will aswell be handed a ample allotment options
package.
Mr Pym, who larboard A&L in July 2007 afterwards 15 years,
is bound into a arrangement at B&B for a minimum of two years. He
have to aswell accommodate a abounding 12 months apprehension should he
ambition to leave afterwards that.
B&B chairman, Rod Kent, who has been active the coffer back
Steven Crawshaw stepped down in June accusatory from affection
problems, said yesterday: "It has been a key antecedence for the lath
to acquisition a new arch executive, and we accept that Richard Pym is
ideal for the role."
Mike Trippitt, of Oriel Securities, said Pym was about
able-bodied admired and "seen as accepting played a acceptable duke
with the cards he'd been dealt at Alliance & Leicester". He
continued: "We see his arrangement as acceptable for restructuring
B&B and acceptable for negotiating at the appropriate time an alike
avenue for B&B."
Mr Pym, who said in 2004 that buy-to-let mortgage specialists
could be branch for disaster, as able-bodied as the crisis of
self-certification mortgages, had agreed to yield over as arch
controlling of the afflicted Northern Rock beforehand this years, if
clandestine disinterestedness accumulation JC Flowers had gone advanced
and bought the bank.
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