RM defends bonus to outgoing chief executive

[dblad]

The B****rd didn't deserve one penny of this
http://www.heraldscotland.com/business/ ... -1.1032622" onclick="window.open(this.href);return false;
Even Higson got £1.73 m how many posties could that much money keep in work.

[djchrisc]

In total 3 employees took almost £5 million from this company, absolute disgrace.

[TrueBlueTerrier]

http://www.peoplemanagement.co.uk/pm/ar ... cutive.htm" onclick="window.open(this.href);return false;

Royal Mail’s former chief executive Adam Crozier pocketed more than £3.5 million in pay, bonuses and benefits in his final year at the organisation, it has been revealed.

Crozier was paid £858,000 in salary and other benefits in the year to March, together with a £1.5 million performance-related bonus and £1.2 million in pension benefits, according to Royal Mail’s annual report, which was released yesterday.

The former Royal Mail chief left the group in March to run ITV. His final pay packet made Crozier the UK’s highest paid public-sector boss last year. His total pay fell just short of £1 million in the previous year.

News of the payments has enraged the Communication Workers Union (CWU), which fought a high-profile industrial relations battle with Royal Mail last year.

Dave Ward, CWU deputy general secretary, said: “Postal workers will be outraged by news of Adam Crozier's salary and bonus.

“It comes after a year in which he oversaw a national postal strike, lost the confidence of his workforce and then left before the job of modernisation and business transformation was complete. His pension will be the envy of postal workers whose own, much smaller, pension pots are at risk.

Ward added that Royal Mail workers would be equally “horrified” at the remuneration of other senior executives, which was also published in the report.

Alan Cook, the former managing director of the Post Office, earned £1.25 million, while Royal Mail finance director Ian Duncan was paid almost £1.4 million. Letters managing director Mark Higson received £1.73 million.

But Royal Mail chairman Donald Brydon defended the reward packages for top executives. He said: “These directors are running a business with a turnover in excess of £9 billion in a tough marketplace, and Royal Mail needs to be able to attract from the commercial market the best management talent.”

Last month Royal Mail announced a 26 per cent increase in operating profits for the year, despite a drop in revenue and industrial action over modernisation plans.

Crozier’s replacement, Moya Greene, will join the organisation from Canada Post in July. She takes over as new business secretary Vince Cable confirmed his intention to part-privatise the service.