HBOS retail chief gets £3.25m bonus - Papers 30th March

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ANDY HORNBY, the head of HBOS's retail banking arm, will receive shares worth up to £3.25m under a special "golden handcuffs" bonus scheme designed to stop him from joining retial chain Boots, reports The Times.

The paper says the bank has confirmed Hornby, will receive 260,000 shares in April, after beating targets aimed at lifting profits in the unit by 60% or more over three years. Hornby, who is seen as a potential successor to James Crosby, the bank’s chief executive, will receive a further 130,000 shares under the retention package if he promises to hold on to the stock until 2008. The package comes at the end of a good year for the bank that has seen several senior executives, including Hornby, scoop additional bonuses under a one-off short-term incentive scheme started in 2004. The ...

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