Royal Mail head of finance quits

[POSTMAN]

http://www.ft.com/cms/s/0/bfe4bbc6-79a6 ... abdc0.html" onclick="window.open(this.href);return false;

Royal Mail's finance director has departed abruptly, leaving the state-owned postal operator in search of a pivotal figure in what is likely to be one of the biggest privatisations in years.

The group said Ian Duncan, who has been its finance chief since 2006, had resigned "for private and personal reasons".

He joined from Westinghouse Electric Company, based in the US, where he had been chief financial officer since 1999. Before that he was corporate finance director at British

Royal Mail will now seek a replacement with top-level experience who could become finance director of a FTSE 100 company if a multi-billion pound flotation goes ahead. Moya Greene , hired from Canada Post to be chief executive, starts next month.

The Con-Lib coalition is preparing a bill to introduce private capital to Royal Mail , but has yet to decide how much of the postal operator to sell off. It has also not decided whether to go for an initial public offering or a sale to a single buyer such as an overseas postal group or a private equity firm.

The government expects to pass an enabling bill by next summer, but it may wait until markets have improved before launching a sale aimed at achieving best value for the taxpayer.

If the government decided to open a flotation to individuals as well as institutions, that could lead to a modern version of the "Tell Sid" campaign, devised to encourage the public to buy shares in British Gas in 1986.

Judging by bids for a 30 per cent stake under Labour's abortive part-privatisation last year, Royal Mail's current value may be about £4bn. Royal Mail raised operating profit by 26 per cent to £404m in 2009-10, but at pre-tax level lost £262m.

[chewi]

what does he know?

[viking]

And how much money did he walk away with?

[noggin1969]

And how much money did he walk away with?

c

[Stormproof]

I heard Gordon Brown is looking for a job, apparently he's good at figures

[fishtank]

And how much money did he walk away with?

Royal Mail has defended its senior pay policy after the Communication Workers Union (CWU) criticised the growing gulf between executive and staff rewards evident in the group’s annual report.
The report revealed that former chief executive Adam Crozier pocketed more than £3.5 million in salary, benefits, bonuses and pension entitlements in his final year at the organisation before leaving to join ITV in March 2010.
Royal Mail finance director Ian Duncan was paid almost £1.4 million, while letters managing director Mark Higson took home £1.7 million.

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