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Adam Crozier delivered £2.4m package
FORMER Royal Mail chief executive Adam Crozier was paid £2.42 million in his final year with the group, including a £1.5m bonus for meeting long-term performance targets.
• Adam Crozier headed Royal Mail from 2003 to this year, leaving for ITV. Picture: Sandy Young
Confirmation of his pay, a subject of speculation since his departure to ITV was announced in January, came with yesterday's publication of Royal Mail's annual report. In addition to his bonus, Crozier received a basic salary of 633,000, 206,000 in lieu of a pension, and 19,000 of other benefits.
The news sparked outrage among postal workers, who conducted a series of national strikes at the end of last year in a dispute over pay and conditions. That was settled earlier this year, though the Communications Workers Union has threatened further strikes over the government's proposals to part-privatise the service, plans for which were confirmed again yesterday by business secretary Vince Cable.
Remuneration for other Royal Mail board members included 1.25m for former Post Office managing director Alan Cook, and 1.73m for Mark Higson, managing director of Royal Mail letters. Group finance director Ian Duncan was paid nearly 1.4m for the year.
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Thursday 24 May 2012
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