Royal Mail boss Adam Crozier's £1m+ salary revealed

[delboy]

By Noelle McElhatton, marketingdirectmag.co.uk, 02 November 2009, 10:00am
http://www.marketingdirectmag.co.uk/new ... -revealed/" onclick="window.open(this.href);return false;

POSTAL STRIKE LATEST: Royal Mail boss Adam Crozier's £1m+ salary revealed LONDON - There were red faces on both sides of the postal dispute today as Adam Crozier, chief executive of Royal Mail, was revealed to be Britain's second most highly paid public sector boss with a salary of almost £1 million.


At the same time, The Sun today published a picture of what it claimed was the Communication Workers Union deputy general secretary Dave Ward's home letterbox - bearing a ‘no junk mail' sticker.

Direct mail is a big revenue earner for Royal Mail, with the top 100 mail-using brands spending £1.5bn on the channel from July 2008 to June 2009.

Crozier's salary is contained in a pay chart, compiled for ITV's Tonight programme, showing that he received £995,000 in pay and bonuses in the financial year 2008-2009.

His pay package is more than five times that of the Prime Minister and exceeds the salaries of most other public sector heads.

Crozier has kept a low profile throughout the current dispute, apart from an appearance on BBC One's Andrew Marr Show eight days ago when he said the union needed to "shut up" and reach an agreement.

The revelations come as a High Court action by the CWU is expected to come to court today or Tuesday. Lawyers for the union are mounting a bid to have Royal Mail's use of 30,000 temporary workers declared illegal.

The union is insisting the action will go ahead, despite the planned resumption of negotiations with Royal Mail at the TUC today.

Meanwhile Royal Mail said 25% of postal workers had turned up for duty on Saturday, typically a busy day for delivery of direct mail.

Saturday was the final day of last week's three days of strikes, but the CWU plans all-out strikes for 6 and 9 November.

The dispute is about Royal Mail's plans to modernise its operations, which the union claims could lead to 60,000 job losses.

[piranha]

He must be the most overpaid and underworked public servant then. How can he earn more than the person running the country?! What a joke. I wonder how much his equivalent in TNT gets paid, i would bet it is nowhere near this obscene level, how about practicing what you are preaching huh Adam? Take a huge pay cut for the good of the company. The average salary of a newly qualified soldier is £14300 before tax, is he worth 70 soldiers? Is he ****.

[Martin Walsh]

RD09-10-158 Adam Crozier's Earnings - 2003-2009.doc

[sevenandseven]

Don't know if this has been on here already but Adam Crozier's performance on the Andrew Marr show was featured on ' Have I got news for you' show on Friday. Watch it on the BBC site, listen to it and marvel as this highly paid individual and people motivator has the micky taken out of him as he talks about commonsense and ends up blaming the problems of Royal Mail on a Goldfish!

[Martin Walsh]

This is Adams real wages since he joined in Feb 2003. Not bad for some !!





Adam Crozier’s Earnings - Since Joining Royal Mail in February 2003

Performance-related bonus
Year Basic pay (£’000) Payable immediately (£’000) Deferred into long-term incentive plan (£’000) Benefits (£’000) Cash supplement in lieu of pension above earnings cap (£’000) TOTAL*
(£’000)
(excludes bonus deferred to LTIP) Long-term incentive plan payments
(£’000)** TOTAL PAID OUT* – including long-term incentive plan payments
(£’000)
2002/03 83.33 28.72 28.72 2.1 - 114.15 - 114.15
2003/04 500 150 150 14.22 - 664.22 - 664.22
2004/05 511 177 176 16 - 704 - 704
2005/06 568 206 248 16 - 790 1,845
(total awards in respect of 02/03-04/05, paid June 05) 2,635
2006/07 629 212 257 18 140 999 - 999
2007/08 633 190 191 20 208 1,051 1,993
(total awards in respect of 05/06 to 07/08, paid June 08)
3,044
2008/09 633 139 314 17 206 995 - 995
TOTAL 3,557.33 1,102.72 1,364.72 103.32 554 5,317
.37 3,838 9,155.37
*Excludes pensions but includes cash supplements in lieu of pension payments above the maximum earnings cap

**The next Long-Term Incentive Plan (LTIP) will pay out in 2010. £706,000 was held in the LTIP at 29 March 2009.

Note: Total earnings of approximately £9.2m since 2003 exclude the value of accrued pensions (which is not discernible from annual report and accounts). Royal Mail senior executives are members of the Royal Mail Senior Executive Pension Plan which is now closed to new members. The Plan provides for a pension on a final salary basis for service up to 1st March 2008 and for subsequent service on a career salary basis. The pension is payable from normal retirement age (currently 60). From 1 April 2010 the normal retirement age it will increase to age 65. Adam Crozier’s membership of the Plan is restricted by an earnings cap. His pension is therefore supplemented by a cash pension supplement of 40% of base pay above the earnings cap. Prior to 06/07 Crozier’s pension was supplemented by a Funded Unapproved Retirement Benefit Scheme (FURBS).

[Martin Walsh]

RD09-10-158 Adam Crozier's Earnings - 2003-2009.doc

[IWW Fellow Worker]

He must be the most overpaid and underworked public servant then.

Yes. Even Liz willingly pops up on the box shaking hands with a few old lads every Remembrance Sunday. It took no end of pressure to get Sadam Crazier to get his smug mug on The Politics Show.

[dvbuk55]

He didn't make the top spot - but - what has Channel 4 got to do with Government owned companies? Also it didn't mention last years money and bonus which dwarfe this years by some measure.

[TrueBlueTerrier]

Channel 4 is a UK public-service television broadcaster which began working on November 2, 1982. Although commercially self-funded, it is ultimately publicly owned; originally a subsidiary of the Independent Broadcasting Authority (IBA), the station is now owned and operated by the Channel Four Television Corporation, a public body established in 1990, coming into operation in 1993.

[dvbuk55]

Channel 4 is a UK public-service television broadcaster which began working on November 2, 1982. Although commercially self-funded, it is ultimately publicly owned; originally a subsidiary of the Independent Broadcasting Authority (IBA), the station is now owned and operated by the Channel Four Television Corporation, a public body established in 1990, coming into operation in 1993.

Not a lot of people know that! I certainly didn't, thanks TBT.