Shamed bank boss £4m job
Hornby joins Restaurant Group
THE disgraced former boss of banking giant HBOS could rake in nearly £4million in his first year after bagging another top job.
Andy Hornby, who was in charge of HBOS when it was rescued by Lloyds at the height of the financial crisis, has been named the new boss of Frankie & Benny’s owner The Restaurant Group.
Lloyds Banking Group went on to be bailed out by the taxpayer.
Hornby walked away from the carnage to become chief executive of privately owned Alliance Boots, but quit in 2011 with a pay-off.
He was then made chief executive of bookmaker Coral, which was taken over by Ladbrokes. After gambling giant GVC bought Ladbrokes Coral in 2018, Hornby was made the group’s co-chief operating officer.
His latest role will thrust Hornby back into the spotlight as chief executive of a listed company.
He will get a basic salary of £630,000 a year – over a £100,000 a year more than the firm’s current CEO, Andy McCue.
Hornby could also get a potential pension supplement of up to £126,000, plus an annual bonus of up to £945,000 and as much as £1.26m a year under a longterm reward scheme.
If that wasn’t enough, he is also entitled to £945,000 as a one-off to compensate him for shares he was expected to get from GVC. Debbie Hewitt, chairman of The Restaurant Group, hailed Hornby’s “extensive retail background, proven hands-on operational expertise and experience of integrating businesses.”
Hornby said he was “delighted” to be joining. His appointment comes amid tough times for many in the eating out sector.
The Restaurant Group has more than 650 outlets, owns Chiquito and bought the Asian-themed chain Wagamama late last year.
The firm’s profits more than halved to £13.9m in 2018.