Royal Mail head gets over £1m

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The Royal Mail’s chief executive received pay and other benefits of over £1m last year, the company reported.

Moya Greene’s salary for the last financial year was £498,000 and she also received £371,000 under a short term incentive plan, £200,000 in pension payments and £38,000 in other benefits, taking the total to £1.1m.

Ms Greene, who took over from Adam Crozier, is also in line for payments under a long-term incentive plan provided targets are met by 2014.

Operations director Mark Higson received a total of £887,000, including a salary of £428,000, the company’s remuneration report revealed.

The Royal Mail posted improved profits of £211m yesterday.

Revenues increased by four per cent to £9.5bn in the last financial year and the Royal Mail Group said it was cash-positive for the first time in four years.

The core postal business, which delivers the six-days-a-week universal service to 29 million addresses, is back in the black after four successive years of losses, making a profit of £23m on revenues of £7.2bn, up from a loss of £120m last year.

Royal Mail Group chairman Donald Brydon said the company would not have achieved many of its strategic milestones over the past year without Ms Greene’s unwavering determination. “The board agrees that Moya’s bonus award is in proportion to the very significant progress she has already made.”