Direct Line Bosses To Pocket Post-Flotation Bonuses – Chief Exec Geddes Could Net £3m Share Incentive

Direct Line Group (DLG) bosses will be paid multi-million pound bonuses as the insurer prepares for its planned flotation, according to the Sunday Times.

DLG chief executive Paul Geddes is expected to receive shares worth about £3m when the RBS-owned insurance unit is spun off from its parent this year, the newspaper said.

The “golden handcuff” deals are designed to lock in senior staff following the initial public offering.

It is understood the bonus schemes will pay out only if the senior staff hit performance targets and stay at the firm for at least three years.

The company, which announced 891 job losses earlier this month as part of a £100m cost saving plan, has also not ruled out further job cuts.