Newspaper article The Journal (Newcastle, England)

Virgin Money CFO Could Earn Package Worth PS3.4m

Newspaper article The Journal (Newcastle, England)

Virgin Money CFO Could Earn Package Worth PS3.4m

Article excerpt


ANEW finance chief at Virgin Money could earn a package worth up to PS3.475m for his first year in the job.

The North East challenger bank Virgin Money has announced Peter Bole as the new chief financial officer.

But contractual obligations at current employer Tesco Bank, where he has been chief financial officer since 2009, mean he won't start his new role until next year, when he will also be appointed as an executive director.

Mr Bole has previously held senior roles in the finance function of RBS and as an investment director at Standard Life.

Virgin Money said Mr Bole will be paid an annual base salary of PS500,000 and will also receive pension contributions of 20% of base salary, life cover, permanent health insurance and private medical cover.

In addition he will be eligible to receive an >Peter Bole, chief financial for Virgin annual bonus and an annual award under the Virgin Money Long Term Incentive Plan, which together will not exceed 200% of fixed pay.

He will also receive one-off awards to compensate for remuneration forfeited as a result of leaving Tesco Bank's share incentive arrangements.

When he joins in 2017 he will receive Virgin Money shares with a value of PS653,873, which is not subject to performance conditions, as well as an award of Virgin Money shares with a value of PS472,914, subject to Virgin Money performance conditions. It is understood the share awards will be deferred over a three-year period.

Both of the awards will be in line with Mr Bole's forfeited awards from his current employer.

On top of that, Mr Bole will also receive a one-off award to compensate for remuneration which he may forfeit in 2015/16 as a result of leaving Tesco Bank, up to a maximum of PS749,000.

Virgin Money said the final amount and terms of the award will be disclosed once awarded. …

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