Former Stroud & Swindon boss Hill pocketed £334,500 pay-off despite recorded losses (From Stroud News and Journal)

Former Stroud & Swindon boss Hill pocketed £334,500 pay-off despite recorded losses

12:40pm Monday 29th March 2010 in News By Nick Wakefield

STROUD & Swindon’s former chief executive David Hill received a £334, 500 pay-off in September 2009, despite the society recording losses of £7.3 million.

Details of the settlement were revealed in the society’s recently published annual report and comes just one week after the news that almost 220 jobs are to be axed at the mutual’s headquarters in Rowcroft, Stroud, after it agreed to merge with the Coventry Building Society.

Hill received the compensation pay-out despite resigning and it brought his total remuneration for the year to £482,550.

A spokesman for Stroud & Swindon said the pay-off was ‘negotiated at the time based on legal advice and reflecting Mr Hill’s contractual and statutory rights.’ Currently chief executive John Sutherland, the former Bank of England special advisor and Nationwide executive, only took over the position last month and was reportedly brought in with the remit of finding a buyer for the society.

A meeting of members eligible to vote on the £21 billion merger will be held on June 16.