Ex-HBOS chief makes €2.2m in nine months at Boots

The former boss of rescued bank HBOS earned more than £2m (€2.28m) in pay and benefits for just nine months in his new job heading high street giant Alliance Boots, it emerged today.

Andy Hornby, who headed HBOS in the run-up to its near-collapse before its rescue by Lloyds TSB, was paid £1.68m (€1.92m) in salary, bonuses and benefits after joining as chief executive on July 1 – making him Boots’ highest paid director.

He also landed a £400,000 (€458,000) “golden hello” as part of “joining arrangements” for taking on the top job, which earns him £850,000 (€975,000) a year in salary excluding bonuses, according to the group’s annual report.

His pay to March 31 included a nine-month wage of £600,000 (€688,000), an £805,000 (€923,000) short-term bonus, £240,000 (€275,000) in pension entitlements and £34,000 (€39,000) in benefits.