Wanted: Irish bank CEO for 'peanuts' to get AIB back on its feet
What's the difference between an Irish and Scottish bank chief? About 800,000 euros ($900,000).
David Duffy, 53, last week quit as chief executive officer of Allied Irish Banks Plc, where he earned an an annual salary of 489,000 euros, to head National Australia Bank Ltd's Clydesdale Bank in Glasgow. While Duffy's new package hasn't been disclosed, his predecessor earned the equivalent of 1.3 million euros, sparking a debate in Dublin over state-imposed pay caps.
"You pay peanuts, you get monkeys," Michael O'Leary, CEO of Dublin-based Ryanair Holdings Plc, Europe's largest discount carrier, said in an interview. "Some artificial cap on salary of 500,000 euros is just entirely inappropriate if you want to get AIB back into the market, floated and become a successful bank again."
