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UK's N.Rock outgoing CEO waives pay during time off
November 5, 2010 / 2:42 PM / 7 years ago

UK's N.Rock outgoing CEO waives pay during time off

LONDON, Nov 5 (Reuters) - The outgoing chief executive of nationalised British bank Northern Rock has agreed to forego his salary during his time off between leaving Northern Rock and joining a rival bank, after a public outcry over the package.

“Northern Rock confirms that (chief executive) Gary Hoffman has voluntarily waived his contractual right to be paid salary, pension and benefits for the period of his garden leave,” Northern Rock said in a statement on Friday.

Hoffman had originally been entitled to continue getting his Northern Rock salary and benefits during his time off -- known in business circles as “gardening leave” -- between leaving the bank and joining rival NBNK Investments NBNK.L.

The original package was estimated to have been worth some 500,000 pounds ($806,700).

Hoffman is due to start at NBNK in May. [ID:nLDE6A30Y3] ($1=.6198 Pound)

Reporting by Sudip Kar-Gupta, Editing by Myles Neligan

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