Crozier paid £2.4m in final year at Royal Mail

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The Independent Online

The former chief executive of Royal Mail was paid almost £2.5 million in his final year at the postal group, it was revealed today.

Adam Crozier, who left to join ITV, received a bonus of £1.5 million, salary of £633,000, a cash supplement in lieu of a pension of £206,000 and other benefits worth £19,000.

The Royal Mail said the bonus was under a three-year long-term incentive plan.

His total pay and benefits in the financial year to March was £2.42 million.

Alan Cook, the former managing director of the Post Office, received £1.25 million, while Royal Mail letters managing director Mark Higson was paid £1.73 million.

Finance director Ian Duncan was paid almost £1.4 million, figures in today's annual report showed.

Donald Brydon, chairman of Royal Mail Group, said: "These directors are running a business with a turnover in excess of £9 billion in a tough marketplace and Royal Mail needs to be able to attract from the commercial market the best management talent."

Dave Ward, deputy general secretary of the Communication Workers Union, said: "Postal workers will be outraged by news of Crozier's salary and bonus.

"Adam Crozier's bonus came after a year in which he oversaw a national postal strike, lost the confidence of his workforce and then left before the job of modernisation and business transformation agreement was complete.

"Postal workers will be equally horrified at the pay given to other senior executives."

Mr Ward added: "Adam Crozier's pension will be the envy of postal workers whose own, much smaller, pension pots are at risk."