Andy Hornby is set to earn more that £1m a year as Alliance Boots chief executive.

The former HBOS chief was revealed as the retailer’s new boss yesterday. It is just three months since Hornby left HBOS after the near-collapse of the bank.

Hornby could receive shares in Boots that could be worth tens of millions of pounds when the company is floated or sold, according to The Telegraph. He will also be entitled to a cash bonus of 125 per cent of his salary, which will be around £500,000 a year.

Hornby, who has been in discussions with Boots’ executive chairman for several months, waived a £1m payoff when HBOS was taken over by Lloyds Banking Group.

Hornby, a former Asda executive, was badly tarnished with the near-collapse of HBOS,  and was grilled by politicians for the part he played in it.

Former Asda boss Archie Norman said: “There is no arrogance about him. He is super bright and congenial. I think he needed a break from the financial world.”

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