Nationwide nearly doubles CEO’s pay packet to £4.7m despite bonus row
Summary
Nationwide building society nearly doubled its CEO Debbie Crosbie’s pay to £4.7 million for the year ending March 2026, mainly due to higher bonuses after acquiring Virgin Money. The increase has raised concerns about governance because members were not given a binding vote on the pay rise or the acquisition.Key Facts
- Debbie Crosbie’s total pay rose 88% from about £2.5 million to £4.7 million.
- Bonuses increased from £1.1 million to £3.2 million, including annual and long-term performance payments.
- Her base salary went up 2.9% to £1.2 million in April 2026.
- The CEO’s maximum potential pay was raised by 43% to up to £7 million after Nationwide bought Virgin Money.
- Nationwide did not offer members a binding vote on the CEO’s pay raise or on the Virgin Money takeover.
- The building society plans an advisory vote on Crosbie’s pay at its July annual meeting.
- Nationwide employs about 26,890 staff, who will get an average pay increase of 3.8% starting July.
- The society has more than 17 million members and over £377 billion in assets.
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