Royal Mail puts stamp on boss's rewards with £2.5m final year

FORMER Royal Mail chief executive Adam Crozier was paid almost £2.5m in his final year at the postal group.

By The Newsroom

Published 4th Jun 2010, 11:29 BST

Updated 4th Jun 2010, 11:29 BST

Mr Crozier, who left to join ITV, received a bonus of 1.5m, 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 2.42m, the annual report revealed.

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

Finance director Ian Duncan was paid almost 1.4m.

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