HOW HE HAS PROFITED SINCE THE CRASH

Daily Mail - - City & Finance -

ANDY Hornby has raked in mil­lions of pounds since he over­saw the near-col­lapse of one of Bri­tain’s big­gest banks.

The 52-year-old was boss of HBOS un­til 2008 when it was saved from melt­down by an emer­gency mega-merger with Lloyds that later nearly de­stroyed them both.

A damn­ing re­port by Par­lia­ment called for reg­u­la­tors to look at whether he should be per­ma­nently barred from bank­ing.

It also pointed the fin­ger at his pre­de­ces­sor, Sir James Crosby, and the chair­man, Lord Steven­son.

The re­port said: ‘The pri­mary re­spon­si­bil­ity for the down­fall of HBOS should rest with Sir James Crosby, ar­chi­tect of the strat­egy that set the course for disas­ter, with Andy Hornby, who proved un­able or un­will­ing to change course, and Lord Steven­son, who presided over the bank’s board from its birth to its death.’

But de­spite this sting­ing crit­i­cism, and an on­go­ing probe by the Fi­nan­cial Con­duct Author­ity into ac­tions of HBOS se­nior man­age­ment, he has landed lu­cra­tive jobs.

Hornby was hired as chief ex­ec­u­tive by drug­store chain Boots Al­liance months af­ter leav­ing HBOS. He was paid £4.1m for two years of work, quit­ting un­ex­pect­edly, say­ing that he needed a break fol­low­ing five in­tense years on the front­line of big busi­ness.

Boots also handed Hornby a £450,000 golden good­bye af­ter he agreed not to join a com­peti­tor. Within three months he had a se­nior job at book­maker Co­ral and he has stayed with the company through merg­ers with ri­vals Lad­brokes and GVC.

Hornby has been kept off the board dur­ing his ten­ure, mean­ing that his pay has not been pub­lished, but he earned an £8m wind­fall when Lad­brokes Co­ral was sold to GVC last year.

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