Wednesday, 7 May 2008

Adam Applegarth CEO, biggest welfare mum in the globe

The revelation came as experts said the former chief executive, whose cavalier business strategy nearly destroyed the bank last year, can expect a pension worth nearly £475,000 a year from the age of 60. Adam Applegarth's "reward for failure" is on top of the £760,000 "termination payment" he currently enjoys.
This money, equal to his basic salary, is being paid on a monthly basis for a year or until he gets another job - which seems unlikely given his epic failure. Meanwhile about a third of Northern Rock's workforce - roughly 2,000 employees - will lose their jobs by 2011, according to the new management team.

The man who ran the bank into the ground is being paid £760,000 + £475,000, this all while homes are increasingly being repossessed. Absolutely disgusting.

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