Virgin Money will hand its new chief financial officer a package of up to £1.9m in shares and cash when he joins the banking operation next year.
Peter Bole, who is being lured from Tesco Bank, is receiving shares worth £1.1m - some £653,873 of which are not subject to performance conditions.
He also stands to receive another £749,000 – 40% of which is in cash – to compensate for pay he might lose when he leaves the supermarket’s banking arm. The shares he receives through this award will be deferred over three years and the precise amount is yet to be finalised.
Virgin said Bole would not join until 2017 because of contractual ties to Tesco Bank where he is the chief financial officer.
His salary will be £500,000 a year and a bonus worth up to 200% that sum, along with £100,000 of pension contributions annually.
Bole’s appointment was announced alongside that of Hugh Chater who is joining in June from Royal Bank of Scotland. Chater is to become chief commercial officer.
Jayne-Anne Gadhia, chief executive of Virgin, said the two were being hired for “broad experience and knowledge of the financial services industry, including a strong customer focus in retail banking”.
The current chief financial officer of Virgin, Dave Dyer, will remain in the position until Bole arrives and will then stay with the business in a part-time advisory role “for a period of time”.
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