Philip Williamson, former chief executive of Nationwide, was given a £1.6m settlement when he agreed to retire early.
The building society’s annual report for the year ending 4 April 2007, showed that Williamson, who retired from the board on 31 March 2007, received £1,607,681 as compensation for agreeing to early retirement. The sum included £442,471 in respect of contractual salary entitlement and additional bonuses in respect of the 2005-2008; 2006-2009 and 2007-2010 cycles.
The figures printed in the report of the directors’ financial remuneration section also showed that a pensions allowance of £176,989, along with £261,039 awarded for retirement and end of service and in lieu of other benefits were included in the sum.
Other retired directors Bernard Simpson and Jim Willens also received large settlements of £889,809 and £926,243 respectively.