New £1m a year job for man who ruined HBOS

scorza · 9 Jun 2009 at 08:48

http://www.telegraph.co.uk/finance/...s-Andy-Hornby-set-for-1m-salary-at-Boots.html

Nice for him. I suspect most people here who screw up their jobs to mere fraction of the extent Mr Hornby screwed up at his would probably find it difficult to get any sort of work in the same sector again. Not for CEOs though, screw up one respected British company, move on to the next.

I guess his first task will be to reduce the amount of debt that Boots are in from buying themselves.

aardvark · 9 Jun 2009 at 09:40

genius - its just one big club at the top - success or failure are irrelevant.

Sankari · 9 Jun 2009 at 10:24

Private enterprise: rewarding failure with other people's money.

platypus · 9 Jun 2009 at 10:25

At least he had the grace to forgo the pay off HBOS offered him.

mattheman · 9 Jun 2009 at 10:26

Evangelion said:
.

Private enterprise: rewarding failure with tax payers money.

bledd · 9 Jun 2009 at 10:26

If I was him, I'd buy 365 M3's and crash one each day when I got to work

dowie · 9 Jun 2009 at 10:34

I doubt they care tbh... They know he's good and have wanted to poach him for a while

Bill101 · 9 Jun 2009 at 10:53

The only positive side of it is that he is out of banking for which he had no qualifications at all. IIRC HBOS thought that someone in charge of ASDA would make a good banker!

Cosimo · 9 Jun 2009 at 11:10

He appears to be good and has got a second chance. One would presume that Boots know what they are doing.

4T5 · 9 Jun 2009 at 11:11

To be fair to the Dude he inherited the majority of problems when he joined his last job.

int · 9 Jun 2009 at 12:40

How is anyone worth that much a year?

icehot · 9 Jun 2009 at 12:58

bledd. said:
If I was him, I'd buy 365 M3's and crash one each day when I got to work

lmao

mattheman · 9 Jun 2009 at 13:10

malc30 said:
To be fair to the Dude he inherited the majority of problems when he joined his last job.

He had 5 years to fix them.

Meridian · 9 Jun 2009 at 16:23

simulatorman said:
He appears to be good and has got a second chance. One would presume that Boots know what they are doing.

Boots are owned by a venture capital company, who don't care a lot what happens to the company long term, as long as they make money in the short term. Hornby is widely regarded as a excellent salesman: he went wrong with HBOS because that's what he thought banks do - sell stuff. It is what Boots does.

M

Sinque · 9 Jun 2009 at 16:30

mattheman said:
He had 5 years to fix them.

Not everything happens over night. 5 years isn't that long.

mattheman · 9 Jun 2009 at 16:49

Sinque said:
Not everything happens over night. 5 years isn't that long.

In 5 years you can do a lot, companies profits can turn around in 2 years.

Glaucus · 9 Jun 2009 at 16:50

do you honestly think it was only his fault, do you really think this makes him a bad employee?

it is hardly surprising. I'm sure he has decades of experience with extremely good references.

[TW]Fox · 9 Jun 2009 at 16:51

scorza said:
http://www.telegraph.co.uk/finance/...s-Andy-Hornby-set-for-1m-salary-at-Boots.html

Nice for him. I suspect most people here who screw up their jobs to mere fraction of the extent Mr Hornby screwed up at his would probably find it difficult to get any sort of work in the same sector again. Not for CEOs though, screw up one respected British company, move on to the next.

Is there no end to your jealousy and bitterness about this subject? They've obviously hired him because, shock, they think he will do a good job. He did not single handedly ruin HBOS and if you think that everything would have been totally different with somebody else at the helm then you are sadly mistaken.

scorza · 9 Jun 2009 at 17:09

[TW]Fox;14249168 said:
Is there no end to your jealousy and bitterness about this subject? They've obviously hired him because, shock, they think he will do a good job. He did not single handedly ruin HBOS and if you think that everything would have been totally different with somebody else at the helm then you are sadly mistaken.

What about the 1600 people who work for C&G, who have been told today that they are losing their jobs because their bosses decided to buy the company that Mr Hornby ruined. Even you must admit that some of the peons will do a good job, but they won't get million pound pay-offs and walk into other cushy positions.

Incidentally, what do you make of outgoing CEO of Shell, Jeroen van der Veer's statement today that "if I had been paid 50% more, I would not have done it better. If I had been paid 50% less, then I would not have done it worse." Kind of goes against the grain of what executives have been spouting for the last few years: that they deserve their huge salaries because they are worth it. Mr van der Veer seems to be saying the opposite.

These senior executives are no different MPs imo, they get away with awarding themselves favourable pay and conditions (expenses in MP's cases) because they can, simple as. I challenge you to defend MP's expenses, if you can't then you're just as bitter and jealous of them as me

Edit: link http://news.bbc.co.uk/1/hi/business/8090948.stm

Morba · 9 Jun 2009 at 17:15

scorza said:
Incidentally, what do you make of outgoing CEO of Shell, Jeroen van der Veer's statement today that "if I had been paid 50% more, I would not have done it better. If I had been paid 50% less, then I would not have done it worse." Kind of goes against the grain of what executives have been spouting for the last few years: that they deserve their huge salaries because they are worth it. Mr van der Veer seems to be saying the opposite.

Eh? I don't see how you came to that conclusion.

He is saying that he does what he does, regardless of pay.