HOW HE HAS PROFITED SINCE THE CRASH
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.