Insolvent Royal Mail pays boss £780,000

[TrueBlueTerrier]

http://www.thisismoney.co.uk/news/artic ... _id=537258" onclick="window.open(this.href);return false;

Royal Mail admitted yesterday that it is insolvent even as it awarded its new boss a bonus equal to the Prime Minister's salary.

Well paid: Moya Greene is paid £780k depsite Royal Mail being 'balance sheet insolvent'.

Moya Greene scooped a £142,000 reward, just £500 short of David Cameron's annual pay.

Her total pay for her first nine months, including her salary, bonus, benefits and pension, was £777,611 - making her one of Britain's best-paid civil servants.

While her basic salary is £498,000, she received £350,000 last year as she did not join the firm until July. She also received £145,000 in benefits - mainly costs for moving from Canada to Britain plus two return flights back there each year - and pension payments totalling £140,611.

By contrast, a typical postman is paid £18,760. Royal Mail has axed 65,000 workers since 2002, and tens of thousands more of its 163,000 employees face redundancy as the stateowned firm rushes to modernise.

Miss Greene, 57, added to job security fears yesterday, when she repeatedly warned: 'This is going to have to be a smaller company in the future.'

She said the company is 'balancesheet insolvent', which means it could not survive without a £1.7bn lifeline from the public purse. When asked if she deserved such a large salary, Miss Greene said:

'When so many people in the UK are struggling every month to make ends meet, it would be ungracious of me to comment on my pay. I'm well paid. There is no question about that.'

Dave Ward, of the Communication Workers' Union, pointed out that the pay announcement comes only weeks after postal workers were told they not be getting bonuses they were expecting.

He said: 'There are serious problems with executive pay in this country and Royal Mail is a prime example.'

Matthew Sinclair, of the TaxPayers' Alliance, said British workers will be 'furious' to learn they are funding such generosity.

The Government has put Royal Mail up for sale, but is having to take on its debts and its £4.5bn pension deficit to attract a bidder. The firm's letters and parcels business is losing £120m a year and a first-class stamp has risen to 46p, a 40% increase in ten years.

A document, published yesterday by the Royal Mail, said stamps may get even more expensive in future.

Donald Brydon, chairman of Royal Mail Group, said: 'Moya Greene has already made an exceptional contribution to Royal Mail Group.

'Her bonus award reflects that contribution and is assessed against measured objectives. The award is appropriate and proportionate.'

WHEN DID SHE LAST SEND POST?

As the new boss of Royal Mail, Moya Greene might be expected to be doing her bit to boost Britain's plummeting mail bag.

But Miss Greene, pictured, admitted yesterday that the last thing she posted was a birthday card to her mother in Canada on May 20 - nearly four weeks ago.

The number of letters being sent every day by Royal Mail has slumped to 62m, from 80m in 2005, and is predicted to drop another 5% this year.


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[pants123]

MOYA you should be ashamed of yourself, collecting such vast amounts of money for what???? Nothing...................... You Have brought Nothing into making Royal Mail a world class postal system,,,,,,,, i do understand that you are dictated to by the government, but it does not justify you Moya Greene, a human being receiving such sums of money for failer....... it's a joke.........

[pants123]

Donald Brydon, chairman of Royal Mail Group, said: 'Moya Greene has already made an exceptional contribution to Royal Mail Group.

o.k Mr Donald Brydon please tell all where Moya Greene has made exceptional changes,,, where, where,, where and where...

[DGP1]

Donald Brydon, chairman of Royal Mail Group, said: 'Moya Greene has already made an exceptional contribution to Royal Mail Group.

o.k Mr Donald Brydon please tell all where Moya Greene has made exceptional changes,,, where, where,, where and where...

Donald who????

[fishtank]

Donald who????

Where's the wally?

[clashcityrocker]

Donald who????

You must remember Donald Brydon?

[Straight4ward]

"Where's the wally"

He'd be the one sitting on an enormous pile of spondoolicks.

UK's Royal Mail appoints Donald Brydon as chairman

Wed Jan 28, 2009 7:48am EST
(Reuters) - British state-owned postal firm Royal Mail said on Wednesday it had appointed Donald Brydon, the chairman of engineering company Smiths Group (SMIN.L), as its new chairman. The Royal Mail said Brydon would join its board as a non-executive director with immediate effect before taking over from outgoing chairman Allan Leighton, who is due to stand down after seven years at the helm, in March.
"I warmly welcome this appointment. Donald has a strong track record across a range of business sectors and clearly has the skills and experience to support (Chief Executive Adam Crozier) and the team as they take the business through the next crucial stage of its development," said Leighton in a statement.
Brydon previously chaired the market research group Taylor Nelson Sofres until its takeover last year by WPP Group (WPP.L).

[Pinky 1]

Aint it ironic that on a day public service unions announce a national day of action for the end of the month, 'one of Britain's best-paid civil servants', gets £140,611 paid into her pension pot for nine months work. You couldn't make it up

[DGP1]

I see him on the pogo stick

[TrueBlueTerrier]

Darn it I thought he was the squatting bloke with the bone in the foreground.

[fishtank]

Are you sure that isn't CCTV footage from your latest.... indiscretion DGP?

wally.jpg

[Straight4ward]

I thought he was the squatting bloke with the bone in the foreground.

Steady on, TBT! There may be children looking in.

[TrueBlueTerrier]

I thought he was the squatting bloke with the bone in the foreground.

Steady on, TBT! There may be children looking in.

[El-Bandito]

is there any truth in the rumour that moya G initially refused her bonus?






She wanted more!!

[forestbodd]

when the last two came in we were losing a million a week then before they left we were making a million a week.suddenly she turns up and were down to 2 million lose every week and our shares have been paid to her its easy to cut jobs and overtime and start making a profit.tnt and all thee other pond life use our gear if you were a window cleaner would you let another guy borrow your ladders.wake up lads its time to fight.EU workers hear working for less until there made full time.