Fury as privatised Royal Mail boss pockets massive bonusSunday, January 26th, 2014
Pat Donahoe must be jealous: his counterpart in the UK will be swimming in cash as she collects a bonus of $2.3 million. Yes, that’s her bonus, not her total salary, which is a paltry $658,589 (plus another $330K in “pension contributions”). How could she be expected to get by on just under a million bucks?
From the Daily Mail:
THE boss of Royal Mail is expecting the delivery of an oversized bonus package of nearly £1.4 million this year.
Canadian chief executive Moya Greene is already guaranteed a £488,000 cash reward for work dating back to 2010, which she will pocket after the end of March.
But that figure could be swollen by a second long-term bonus worth up to the same amount.This, along with an annual award – which last year was £399,000 – means the she could bank a cheque totalling £1.375 million.
Yesterday’s news of the bumper bonanza sparked fury, especially as Ms Greene can already boast a salary of nearly £500,000 and pension contribution of £200,000.
It comes amid ongoing criticism of the Government’s cheap sell-off of the Royal Mail last year.
Ministers sold a majority stake in the 500-year-old firm for 330p a share. But the price has rocketed, with shares changing hands for around 574p yesterday, leaving the taxpayer hugely out of pocket.
Now Ms Green’s bumper bonus risks fueling a row over how she should be paid. Earlier this week, Royal Mail chairman Donald Brydon caused outcry by saying Ms Greene was the “lowest paid chief executive in the FTSE100″ and he would push for a raise to ensure she stayed.
Critics said it showed the yawning pay gap that exists between fatcat executives and ordinary workers.
Unite national officer Ian Tonks said: “It is astonishing Moya Greene is in line for £1.4 million in bonuses in the middle of a cost-of-living crisis. Vince Cable must oppose this sort of corporate greed.”