Richard Pym, the new chief executive of Bradford & Bingley, will receive a remuneration package worth up to £2.25m as he tries to turn round the bank that on Monday saw its £400m rights issue shunned by most investors.

Mr Pym, former chief executive of Alliance & Leicester, will get a basic salary of £750,000 plus £750,000 in cash and £750,000 in share options over the next year.