FORMER ANGLO executive director Tom Browne received €3.75 million from the bank when he left in November 2007, its 2008 annual report reveals.

He is the third of three unsuccessful candidates for Anglo’s top executive post in autumn 2004 to receive a big payment on his departure. The payment was made “in recognition of his contribution” to Anglo, the report says.

He was one of four senior executives in contention to succeed Seán FitzPatrick before he retired as chief executive and became non-executive chairman of the board in January 2005.

Mr FitzPatrick’s successor, David Drumm, resigned in December less than a day after Mr FitzPatrick stood down.

Previous annual reports show Mr Drumm’s other rivals for the chief executive post got substantial payments on departure. Tiarnan O’Mahoney got €3.65 million on his retirement in 2004 and a pension of €250,000 “in recognition of his substantial contribution”, its 2005 annual report states.

Former Anglo executive John Rowan received €1.1 million in addition to his usual remuneration when he left at the end of 2005, the 2006 annual report says. He was head of UK operations.