West Bromwich Building Society Boss paid £660k

The boss of crisis-hit West Bromwich Building Society took home £660,000 in pay, bonuses and benefits in the last year, it was revealed today.

Robert Sharpe, employed in October 2008 to bail out the organisation, is also set to oversee a rebranding.

This will include new signs at branches.

Mr Sharpe picked up a salary of £390,000, an annual bonus of £150,000, benefits in lieu of pension contributions of £98,000 and other benefits of £22,000.

The bonus covered the period from when he joined to the end of the current financial year.

Details of the West Brom's remuneration for directors are listed in information sent out to all members today ahead of an annual general meeting at the Banks's Stadium on July 27.

It also reveals that from his appointment on October 13, 2008 to the end of March 2009, Mr Sharpe was paid a salary of £141,000, benefits in lieu of pension of £35,000 and other benefits of £52,000, making a total of £228,000.

The chief executive was brought in when the building society was on the brink of being broken up because of its debts.

His bonus will be seen as a reward for saving the 160-year-old West Bromwich from extinction with a £182.5 million finance deal.

The society made a pre-tax loss of £48.8m in 2008-9, compared to a £41m profit the year before. Mr Sharpe struck a deal with insurance companies who took on the debt in return for a 25 per cent share of future profits.

The Remuneration Committee, which sets pay levels, today said it is satisfied the society is paying its most senior employees "the appropriate rate".

Mr Sharpe replaced Stephen Karle, who resigned from the society on October 10, 2008 when the debts were revealed.

The rebranding of the West Brom will involve a new logo, although its name will remain unchanged.