Nationwide boss picks up £1.1m
NATIONWIDE Building Society - the mutual that prides itself on rewarding members rather than shareholders - paid retiring chief executive Brian Davis £1.1m last year for making its members very happy.
The society said on Monday that Davis collected bonuses of £723,000, more than double his base salary. Philip Williamson, who replaced Davis for the last four months of the financial year, lifted his package to £530,000 with bonuses of £209,000.
A Nationwide spokesman said the bonuses reflected members' satisfaction, which rose from 67.5% of customers to 70.9% in the year to 4 April, according to its own research. 'Our research has shown over a substantial period that they are extremely happy with what we are doing and by our ability to campaign on behalf of consumers,' the spokesman said.
Nationwide customers would have been charged a total of £520m more in the past year had the society priced its products in line with its Plc competitors, compared with £402m the previous year.
The spokesman said the bonuses also reflected a fall in Nationwide's costs from 1.08% of its assets to 1.06%. Davis' package represents a jump of 44% from the previous year, due mainly to his 'three-year, medium-term' bonus of £440,000. Williamson scooped a three-year bonus of £112,000 and an annual bonus of £97,000.
Nationwide's pre-tax profits fell from £465.7m to £325.7m in the latest year. Total assets grew from £71bn to £74.4bn.
Most watched Money videos
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Iconic Dodge Charger goes electric as company unveils its Daytona
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- How to invest for income and growth: SAINTS' James Dow
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Mini unveil an electrified version of their popular Countryman
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- How to invest to beat tax raids and make more of your money
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- German car giant BMW has released the X2 and it has gone electric!
- Investors to vote on plans to double London Stock...
- One-off payouts drive UK dividends to £15.6bn in the...
- Mercedes G-Wagen - famed for its military background and...
- Mini's electric ace up its sleeve: New Aceman EV has a...
- Barclays profits hit by subdued mortgage lending and...
- Meta announces it is to plough billions into artificial...
- 'It's unprecedented': Amazon hits back at CMA focus on...
- Is there a risk that inflation falls below 2% and then...
- Fresh concerns for luxury market as Gucci owner Kering...
- Tory windfall tax war 'is killing off North Sea oil'......
- Sainsbury's enjoys food sales boost months after...
- BUSINESS LIVE: Barclays profits slip; Sainsbury's ups...
- MARKET REPORT: Reckitt cleans up but Footsie gives up gains
- Tesla shares rocket after pledge to bring forward launch...
- Boeing burns through £1bn a month to contain 737 safety...
- Reckitt Benckiser cleans house as Dettol-maker's sales soar
- Nationwide's £200 switching bonus saw a record 163,000...
- Car insurers to make pay monthly cheaper and fairer after...