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24/03/2009
Nationwide Director Snubs €360K Capped Job
A Nationwide board member has snubbed a €360,000 per year job that had its salary capped by the Government.
Danny Kitchen was due to take over as the Chief Executive of the building society but turned the job down after the salary was capped at over a third of a million euro per annum.
Mr Kitchen is currently the Irish Stock Exchange's nominated director on the Irish Takeover Panel, and became a non-executive director of Irish Nationwide last October.
According to reports this morning in the Irish Times, Mr Kitchen declined to comment, and when asked whether he would accept the job if the salary was increased to the Government's higher cap of €500,000 for senior bankers, he said: "It is what it is."
It is believed the society had offered to pay Kitchen €700,000 a year and that his pay was agreed after the Government guarantee was introduced last September.
A spokesman for Irish Nationwide also declined to comment, as did the Department of Finance.
(DW/BMcC)
Danny Kitchen was due to take over as the Chief Executive of the building society but turned the job down after the salary was capped at over a third of a million euro per annum.
Mr Kitchen is currently the Irish Stock Exchange's nominated director on the Irish Takeover Panel, and became a non-executive director of Irish Nationwide last October.
According to reports this morning in the Irish Times, Mr Kitchen declined to comment, and when asked whether he would accept the job if the salary was increased to the Government's higher cap of €500,000 for senior bankers, he said: "It is what it is."
It is believed the society had offered to pay Kitchen €700,000 a year and that his pay was agreed after the Government guarantee was introduced last September.
A spokesman for Irish Nationwide also declined to comment, as did the Department of Finance.
(DW/BMcC)
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