The former chief executive of the loss-making West Bromwich Building Society walked away with more than half a million pounds, it has been disclosed.
Stephen Karle, who quit suddenly in October last year, received a severance package totalling £520,600 on top of ten months’ pay and pensions contributions of £166,000.
The figures, revealed in the society’s annual report and accounts, show that when he left, Mr Karle, who has never commented on his departure, received £274,000 in lieu of notice, £78,000 “severance” money, £68,000 towards his pension, an £82,000 bonus and a further £18,600 “in respect of other benefits”.
The 160-year-old mutual recently reported a loss of £39.3 million for the year to March 31 after taking a hit on commercial and buy-to-let loans.
