Rory Cullinan, in charge of shrinking Royal Bank of Scotland’s securities unit, was granted a deferred stock bonus of $3.2m, more than Chief Executive Officer Ross McEwan.
Bloomberg News reports that Cullinan, 55, head of the taxpayer-owned lender’s corporate and institutional bank, could get as many as 555,110 shares for 2015, the bank said in a statement on Friday.
McEwan, 57, was awarded as many as 417,486 shares valued at $2.4m, while Chief Financial Officer Ewen Stevenson, 48, could get the equivalent of $3.3m.
Cullinan, who was previously in charge of the lender’s bad bank housing unwanted assets, was paid $3.3m in shares under awards granted to him in previous years. The bank didn’t disclose pay details and benefits for Cullinan.
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RBS’s Cullinan Set for $3.2 Million Share Award, Exceeding CEO
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