Outrage as Royal Mail boss Adam Crozier picks up GBP 3m pay
Royal Mail boss Adam Crozier raked in GBP 3million last year as his company closed 2500 post offices, it was revealed yesterday.
And last night, the chief executive and other bosses were accused of rewarding themselves for failure.
The figures released yesterday showed Crozier’s basic salary in 2007-8 remained unchanged at GBP 633,000, but this was increased to GBP 843,000 because of an annual performance bonus and other benefits.
He also got GBP 1.99million for a long-term incentive plan covering three years and a cash supplement in lieu of pension of GBP 208,000, according to the Royal Mail annual report.
Royal Mail chairman Allan Leighton, whose pay and bonus remained at GBP 200,000, said of Crozier’s salary: “The payment covers three years during which the group has consistently exceeded expectations and met all the targets set by the shareholder.”
The annual report also revealed that Ian Griffiths, who left his job as managing director of the letters business last year, received GBP 500,000 as compensation for loss of office – after doing the job for only a year.
