RM chief scoops £371,000 bonus.........

[TrueBlueTerrier]

Royal Mail chief scoops £371,000 bonus weeks after large stamps increase

http://www.telegraph.co.uk/news/uknews/ ... rease.html#" onclick="window.open(this.href);return false;

The head of Royal Mail has received a £371,000 cash bonus just weeks after she pushed through a record increase in the price of stamps.

In all, Moya Greene, chief executive of Royal Mail, was paid £1.1million, making her one of Britain’s highest paid public officials.

Mrs Greene’s basic pay was unchanged at £498,000, however she also picked up £371,000 in a “short term incentive plan”, £38,000 in benefits and £200,000 instead of a contribuion to her final salary pension scheme.

The news came as Royal Mail announced that it was back in the black after four years of losses, posting profits of improved profits of £211 million.

In a results presentation before details of her pay were disclosed, Mrs Greene said: “I don’t really want to talk about my compensation. It would be anything but ungracious of me to have anything to say about my compensation other than to say ‘it is true I am well paid’.”



First class and second class stamps increased on Monday April 30 - first class from 46p to 60p, and second class from 36p to 50p - the biggest in years.

Ms Greene also refused to rule out further steep increases in the price of stamps, insisting that she was “not going to speculate on price increases”.

She added: “We had some of the lowest prices in Europe. Even with the price increase that we have seen in the second class stamp at 50p we are the lowest or second lowest depending on the weight category.”

The core postal business, which delivers the six-days-a-week to 29 million addresses, made a profit of £3 million, up from a loss of £120 million last year.

However the figures showed further declines in the number of letters being posted, and Mrs Greene indicated that this could lead to further job losses.

Royal Mail is now forecasting a five per cent fall every year for the next five years, after declines of between four and six per cent over the previous five years.

Ms Greene said it was “a matter of concern both here and around the world to see that core envelopes business decline. It’s a worry”.

She said the scale of the increases in stamped mail had not accelerated the decline, because stamped mail only accounts for a fraction of all letters and parcels sent.

Mrs Greene said: “In those first months our models are holding up to where we thought they would be. We are about the same. We are basically on track.”

Royal Mail gave the clearest indication yet that the business is likely to be sold off, most probably in the early part of 2014. Last year Royal Mail laid off 4,000 staff in a redundancy programme that cost £77million. Mrs Greene signalled more losses were likely.

She said: “I have always said that in a business that is experiencing structural decline you are likely to see fewer people working in that business.” An increase in people shopping over the internet meant that Royal Mail was better placed to benefit from the growth in this market.

The group’s European parcels business GLS and the Post Office business accounted for 89 per cent of the profits after modernisation costs.

Royal Mail added it was now a “going concern” after the Government took on its pension liabilities under moves to part-privatise the business.

[Straight4ward]

she also picked up £371,000 in a “short term incentive plan”, £38,000 in benefits
and £200,000 instead of a contribution to her final salary pension scheme.

Perhaps, she also has doubts about the reliability of government promises of future pension funding?

[DirtyHarry]

Amazing how they keep raking it in.
Greene simply isn't worth that.

[vinnieb5]

well billy & dave makes our £100 pound pro rata look f***ing wonderful !!

[monkey76]

Total and utter disgrace they look in all the wrong places when they need to save money just get rid of her and her cronies and the company will be loaded

[cyclemech1]

Bunch of false accounters, all of them.

I don't believe that 'modernisation' has acheived savings. In fact, from personal experience, and what I read on this forum I would say that it has been a financial disaster.

RM can make figures appear from nowhere and then bash you over the head with them again and again (Remember Crozier/Leighton 'we're losing a million a day' and then, miraculously, 'we're back in profit' just before they left with their golden handshakes)

£120mill loss to £3mill profit, don't make me laugh !

[jmcg]

she will be able to buy a nice gold plated axe with that money.................

[heathrow86]

Perhaps we should all refuse to take part in any further revisions, mail centre closures etc, and go against the CWU & management, until we get a fair share of the profits!!

[newtimes]

Profit can be calculated in hundreds of different ways, it does not mean much, just look at the banks at how they made profit, then we had to nationalised many of them. If a bonus is to be paid should it not be a % of earnings. In fact why should you be paid extra for just doing your job right, and you should be paid at a proper rate too. So up our wages and cut their wages we represent the majority but the minority lead us. We are sheep, the union the collie dog and the managers are the fat farmers. :dcfo

[newtimes]

Royal Mail directors laughing at us

[5plusbonusball]

[5plusbonusball]

DE JA VUE

http://robmaccaextra.blogspot.co.uk/201 ... chive.html" onclick="window.open(this.href);return false;

[Judgee]

"Mrs Greene’s basic pay was unchanged at £498,000, however she also picked up £371,000 in a “short term incentive plan”, £38,000 in benefits and £200,000 instead of a contribuion to her final salary pension scheme."


Ah right I guess that would be a different incentive plan to the fantom shares then!

[malcolm3011]

Puts our 100quid bonus to shame doesn't it

[fishtank]

Nothing from the union on Moya's ridiculous bonus then?
No questions to ask?
Nothing....?
C'mon Dave this is getting a bit embarrassing.