Newspaper article The Journal (Newcastle, England)

Virgin's Golden Goodbye to Rock Chief

Newspaper article The Journal (Newcastle, England)

Virgin's Golden Goodbye to Rock Chief

Article excerpt

A FORMER finance director of Northern Rock earning pounds 1.3m got a pounds 372,000 pay-off when the bank was bought by Virgin Money.

The Newcastle bank's annual report showed that Jim McConville, as the nationalised bank's highest paid director, received the compensation from Virgin after it completed a deal for the nationalised business on January 1. McConville, who was taken on in April 2010 and left the following year, was paid was pounds 696,000 plus personal pension arrangements of pounds 53,000 and amounts receivable under long-term incentive schemes of pounds 273,000.

The report also said that in 2011 aggregate directors' pay, including taxable benefits, were pounds 1.37m plus personal pension arrangements of pounds 53,000 and amounts receivable under long-term incentive schemes of pounds 273,000.

The pay-out attracted criticism from ten MPs last month who tabled a Commons early day motion questioning the pay-off after it was revealed using a Freedom of Information Act request to UK Financial Investments (UKFI), the body which looks after the Government's stake in bailed-out banks. …

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