Nationwide will pay out a whopping £8.5m to its executive directors in 2007 – nearly double the amount it handed over in 2006.
This massive jump is mainly down to the fact that three executive directors are retiring from the society, collecting £6.5m between them.
The most prominent of the three, former chief executive Philip William-son, received a massive £1.6m for agreeing to take early retirement. In total, Williamson took home a total of £3.2m, including his £605,000 salary and an annual bonus of £374,000.
The two other directors who retired from the Nationwide board also took home huge cheques.
Bernard Simpson, the former de-puty chief executive, received a total of £1.9m including an £890,000 settlement, while Jim Willens, the former head of group services, walked away £1.3m better off, with £926,000 of this being his retirement settlement.
Stuart Bernau, group retail director at Nationwide, will receive a total of £765,000 in 2007. This figure includes his salary of £368,000 and a £179,000 annual bonus. This is broadly in line with his earnings in 2006, when he took home £760,000.
Graham Beale, former group fi-nance director of Nationwide and Will-iamson’s replacement, has seen his salary jump from £340,000 in 2006 to £374,000 in 2007. In total, he will take home £784,000 in 2007.