Northern Rock boss gets £2.4m

ADAM Applegarth, boss of Northern Rock, received a 2003 pay and bonus package worth £2.4m.

Applegarth's pay, cash bonus and benefits came to £932,000, up from £759,000 in 2002. He has also been granted rights over free shares worth about £800,000 at the current price of 763p. The shares will not be handed over for three years.

Applegarth, 41, was also awarded more than 86,000 shares under an incentive scheme and is sitting on a paper profit of £650,000 on these, taking his total package over £2.4m.

He also received shares and options worth £500,000 from previous schemes. His pension pot doubled to £1.2m.