Northern Rock boss paid £1.3m

31st Mar 2010 14:42

Northern Rock's new boss received more in salary and bonuses last year than in his previous job at Barclays even though he waived a £700,000 bonus, accounts from the nationalised bank revealed.Gary Hoffman was paid £1.3m in 2009, consisting of £700,000 salary, pension contributions and £400,000 for the second of three tranches of a £1.2m compensation package for leaving Barclays in 2008. The final compensation tranche, worth £400,000, will be paid in October. Hoffman earned £1.1m in his last year at Barclays. Northern Rock, which split at the start of 2010 into its 'good' and 'bad' parts posted an underlying loss of £383m in 2009, but swung into the black in the second half of the year.The bank said it is working on a new long-term incentive scheme for Hoffman, linked to the performance of both halves of the business. Total pay to Northern Rock directors fell to £2.4m in 2009 from £4.4m in 2008.