View more on these topics

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.


Commercial First appointment

Commercial First has appointed Tom Clark as regional sales manager for its South Central region. He will report to Mark Johnson, head of sales at Commercial First. Clark joins the lender from Northern Rock where he was commercial finance manager for three years.

KGB adds Mortgage Express to panel

KGB Packaging has added Mortgage Express to its panel of lenders.Brokers can now select KGB as a route for submission via a dropdown box on MEX’s website.Rachel Bancroft, managing director of KGB, says: “MEX is acknowledged to be a market-leading lender in the buy-to-let and self-cert sectors, with attractive product features, such as all rates […]

Chelsea to launch green deal soon

Chelsea has revealed that it will shortly launch a green mortgage. The society is working on a green product but has yet to finalise how this will be underwritten. It is also talking to charity Energy Savings Trust about the possibility of giving clients free energy assessments.

RICS warns of HIP loopholes

The Royal Institution of Chartered Surveyors has warned that the phasing in of Home Information Packs will create loopholes that could be exploited. HIP regulations state that from Aug-ust 1, a house can be placed on the market without a HIP as long as one has been commissioned. HIPs will be roll-ed out to the […]

Value for money in DC pensions

The Pension Policy Institute (PPI)’s recent report “Value for money in DC pensions” tries to identify factors by which people can assess whether their pension offers fair value for money (VFM). Fiona Tait provides an overview of the findings. Positive Outcomes It is extremely hard to assess VFM in a pension. Press activity naturally focuses […]


News and expert analysis straight to your inbox

Sign up