Lloyds hire in line for £6m package

LLOYDS has put a maximum £6m pay package on the table for George Culmer, its incoming chief financial officer, and is negotiating with his current employer, RSA Group, to enable him to join before his 12-month notice period ends.

It is understood that the pay will be made up of a base salary of around £600,000, with the rest in shares. It includes converting Culmer’s unvested reward of RSA Group shares into Lloyds shares, worth several hundred thousand.

Despite being offered a £6m package, Culmer is not likely to receive the full amount. It is unusual for Lloyds executives to receive the maximum in pay-outs because much of it is dependent on meeting a series of performance targets.