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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