The boss of West Bromwich Building Society has been attacked by members angry at his £660,000 pay package – who were told he was worth it for saving the company.

It came as the society unveiled a £5 million rebranding exercise, changing the trading name of the society to The West Brom, introducing a new green and purple logo and a major revamp of its branch network.

At the society’s annual meeting, at Banks’s Stadium in Walsall yesterday, members stood to berate the board of directors at the scale of chief executive Robert Sharpe’s pay, particularly his £150,000 bonus.

West Brom chairman Mark Nicholls defended the pay saying: “Robert Sharpe saved this society. Without him we wouldn’t be here.”

Mr Sharpe was brought in to run the crisis-hit society in October 2008 and negotiated the £182.5m debt-for-shares swap that saved the society last summer.

It was revealed yesterday  it had been just hours from administration when the bailout deal was sealed.

Member Brian Ward,  of Quinton, said paying bonuses while the society was losing more than £50m was a kick in the face.

Tony Hawkes, from Bromsgrove, questioned how the chief executive could be paid a salary and bonus four times that of the Prime Minister.