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Stephen Karle, the former West-Brom Building Society chief executive received £520,600 as a pay-off in 2008 despite taking the firm to the brink of bankruptcy.
The Daily Telegraph reported that, Karle earned £686,600 during his seven months work, including a 13% bonus. He is also entitled to a pension from the age of 65 of £95,000 a year .
The West-Brom Group published a £48.8m pre-tax loss in June with £66m of bad debts. The Government stepped in when the firm was on the brink of insolvency with a new financial instrument to allow the firm to recapitalise.
