Abbey trio set for £1m-plus send-off
THREE executive directors ousted from Abbey National in a fresh cull will get pay-offs well in excess of £1m between them.
Tim Ingram, 54, head of life assurance and Europe, Ian Treacy, 56, head of risk management, and John King, 55, head of personnel and property, were pushed out as the bank tidied up its new three-pronged corporate structure.
They will get a year's pay and be eligible for redundancy payments. Ingram was on base pay of £301,000, Treacy on £229,000 and King on £220,000. King has been with Abbey for 30 years and could receive up to two years' salary in redundancy money.
The shake-up sees director Malcolm Millington head a new wealth management and long-term savings division, which takes in the life assurance businesses and the First National finance house. Jim Smart, 41, joins the executive management committee, taking on Treacy's and King's jobs.
A leak forced Abbey into early confirmation of the changes, which officially take place on 28 February.
It is still without a finance director since Mark Pain vacated the job to run the wholesale banking division after Gareth Jones's abrupt departure in October.
The shake-up comes four days after Lord Burns, the former Treasury mandarin, took over from Lord Tugendhat as chairman.
