Former Nationwide CEO given 1.6m for “agreeing” to retire

Nationwides annual report reveals former chief executive Philip Williamson received a massive 1.6m settlement for agreeing to early retirement.

The societys report of the directors financial remuneration for the year ended April 4 2007, showed Williamson took home a total of 3.2m including 605,000 in salary, an annual bonus of 374,000 and his retirement settlement.

This is double the 1.3m he took home in 2006.

Williamson retired from the board of Nationwide on March 31. The 1.6m settlement represents compensation for agreeing to early retirement.

It is made up of 442,471 in respect of contractual salary entitlement and bonuses in respect of 2005-2008, 2006-2009 and 2007-2010 cycles.

It also includes a pension allowance of 176,989 and 261,039 for retirement and end of service, and in lieu of other benefits.

Two other directors who have retired from the Nationwide board also took home whooping cheques.

Bernard Simpson, the former deputy chief executive, received a total of 1.9m including 890,000 settlement, while Jim Willens, the former head group services, walked away 1.3m richer – 926,000 of which was his retirement settlement.