Royal Mail chief Moya Greene gets GBP1m send-off as she steps down

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Royal Mail chief executive Moya Greene is to retire in September after eight years in the job with a golden goodbye of £1 million.

That pay-off was agreed when she joined from Canada Post in a contract signed off by then-business secretary Vince Cable.

She will be replaced by Rico Back, who runs European subsidiary General Logistics Systems.

He will get a salary of £790,000 before bonuses.

Greene oversaw the controversial float of the postal firm, after three earlier failed attempts.

She also closed the final-salary pension scheme after a long row with unions, a necessary step to keep the company in business, the firm said.

Unions agreed to the deal after much wrangling; there were no strikes in her time in charge.

Greene, among the worst paid FTSE 100 chiefs, is on the board of easyJet and a trustee of the Tate.

She joins the board of Rio Tinto this year.

Greene said she planned to take a break, “reading things that have nothing to do with the Royal Mail and going on long walks”.