A CLOSE adviser to Lloyds’ chief executive was hired on a package worth up to three times his previous pay deal, it emerged yesterday.
Matt Young moved over from Santander, following chief Antonio Horta Osorio when he was poached to lead the group after its bailout.
His base salary is £350,000 per year with a bonus of up to £535,000 and long-term incentives of a maximum £350,000. Any bonus is deferred for three years and paid in shares.
Young heads up the group’s public relations arm, as well as its government and regulatory relations, branding, employee engagement and social responsibility programmes.
He sits on the bank’s executive committee but is not on the board.
As a result his pay package would not usually be made public. However a document disclosing the details was leaked to the Evening Standard.
“Matt is part of the new management team brought in to turn around the bank,” said a Lloyds spokesperson.
“A significant majority of his pay is in shares, deferred and will only pay out if the transformation of Lloyds is successful over many years. The new management team will only do well if the taxpayer does well.”