Clydesdale chief's pay cheque of £1m

Published on Friday 8 December 2006 12:20

LYNNE PEACOCK, chief executive of the Clydesdale and Yorkshire banks arm of National Australia Bank (NAB), saw her pay almost double last year, according to company accounts.

Ms Peacock, who took up her role in late 2004, picked up a cheque for 1.1 million, compared with 600,000 the year before.

And despite recent job cuts totalling around 1700 and the closure of more than 100 branches - including closures in Morningside and Corstorphine, a spokesman for the bank justified Ms Peacock's pay.

He said she had delivered on the aim of turning the once-struggling Clydesdale bank around.

Last month, results from NAB - whose chief executive is Edinburgh-born John Stewart - revealed a 16.7 per cent increase in underlying annual profit at its UK operations to 454m, although profits were inflated by a one-off 145m pension accounting gain.

"By refusing to hide from making difficult decisions, we are a very different and much stronger business than we were just two years ago," the spokesman said.

At the time, David Thorburn, Clydesdale's chief operating officer, said: "These are strong results which clearly demonstrate the continued recovery in our UK business."