Hornby lands top Boots job

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ER HBOS chief executive Andy Hornby, who was criticised for allowing the bank to ring up huge corporate losses, was yesterday named as chief executive of high street giant Alliance Boots.<br /><br />The failed banker is likely to receive a pay package of around &pound;1m. Although the company refused to give a precise breakdown of Hornby&rsquo;s wages, executive chairman Stefano Pessina yesterday told City A.M. &ldquo;it will be in line with what other managers get, but maybe a bit more... nothing extreme, nothing unusual.&rdquo; <br /><br />Richard Baker, the former chief executive of Alliance Boots and Hornby&rsquo;s former colleague from their spell at supermarket Asda, received &pound;1.18m in 2007 before he quit after&nbsp; private equity firm KKR&rsquo;s &pound;11bn takeover of the group.<br /><br />The appointment of Hornby comes despite the backlash against his role in the demise of HBOS before it was swallowed by Lloyds.<br /><br />Oriel Securities analyst Jonathan Pritchard said that while Hornby faced criticism for the bank&rsquo;s collapse his&nbsp; reputation in retail circles remained &ldquo;unblemished&rdquo;.<br /><br />However, Pritchard added that Alliance Boots, as a private company, did not have to placate shareholders and, as such, could &ldquo;do what it liked.&rdquo;<br /><br />Pessina will step back from the day-to-day running of the company and allow Hornby to take operational control.