Incentive Plan for Direct Line boss revealed

Direct Line’s float plans, revealed on Friday, include a lucrative payout for chief executive Paul Geddes. The insurer, which gave a price range of its IPO at a lower-than-expected 160p to 195p per share, said Geddes is in line for a salary of £760,000 plus a bonus of £1.33m and even more in share awards. He will also stand to gain from around £3m in performance-linked shares from the firm’s days as a subsidiary of RBS. Direct Line will be valued at around between £2.4bn and £2.9bn.