Nationwide nearly doubles CEO’s pay packet to £4.7m despite bonus row | Nationwide
The construction industry across the country has almost doubled its chief executive Debbie Crosbie’s pay packet, a year after the board introduced a controversial bonus plan for its top boss.
The member-owned joint published its annual report on Monday, showing Crosbie was given £3.2 million in bonuses, a combination of annual and long-term performance-related payments.
This took his overall pay package to £4.7 million by March 2026, marking an 88% increase on the nearly £2.5 million he earned the previous year.
Meanwhile, eligible staff in the wider workforce of 26,890 will see their salaries increase by an average of 3.8% from 1 July. “These changes reflect a significant investment in our people, recognizing the contribution and dedication of those who are at the heart of serving our customers and delivering our strategy,” Nationwide said. Crosbie’s £1.2m annual salary was increased by a further 2.9% in April this year.
The CEO’s pay increase follows an overhaul of Nationwide’s executive bonus plan. This increased Crosbie’s maximum pay package by 43%, allowing him to earn up to £7 million if all criteria were met. The board said the increase was justified given Crosbie was now in charge of a much larger lender following his takeover of high street bank Virgin Money.
But the construction company failed to give its members a binding vote on the pay rise at its 2025 annual general meeting and refused to vote for them on its £2.9bn acquisition of Virgin Money. It has led critics to raise concerns about governance at Nationwide, amid fears that it will allow democratic values to slide.
Andrew Speke, interim director of the High Pay Center think tank, said: “Despite being a building society and not offering members a binding vote on the pay package, CEO levels across the country are now paid at levels comparable to other high street bank lenders. This dramatic increase in CEO pay, combined with the lack of a binding member vote on pay, is clearly not in line with the principles of fairness and democratic governance that building societies should uphold.”
Nationwide is asking its members to approve Crosbie’s latest pay package through an advisory vote at its annual general meeting (AGM) on July 15. His bonuses were added to his £1.2 million salary, which included a £193,000 pension and £50,000 worth of taxable benefits including business travel, health insurance, car allowance and personal security.
Commenting on the chief executive’s latest pay package, Nationwide chairman Kevin Parry said in a statement: “Debbie Crosbie’s pay has increased because it includes a long-term bonus for the first time, reflecting the society’s outstanding performance and development over the last three years.
“In that time, Nationwide has paid members more than at any time in its history, our leadership in customer satisfaction has doubled and we now have the largest branch network in the country. So we have been able to quadruple the value to members and attract, retain and motivate talented people to work at Nationwide.”
Last month Nationwide announced it was handing out returns to customers for the fourth year in a row, announcing a further £100 payout to members worth £440 million.
But Nationwide has failed to satisfy all its members and is in a showdown with a client who is vying for a place on the construction industry’s board at its July general meeting.
Last week, Nationwide bosses confirmed they would not recommend client James-Sherwin Smith for election to the board, saying his “selection would not be in the best interests of the community” due to his lack of required experience. It has 17 million members nationwide and more than £377bn in assets.
Nationwide also blocked Sherwin-Smith from making changes to its election materials to try to inform its members that they should refrain from using the swing vote option, which automatically supports all board-level recommendations ahead of the general meeting.
