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Elena's Blog

This blog is intended to contain discussions, tips, and news regarding jewellery and accessories made with  CRYSTALLIZED™ - Swarovski Elements  and everything that can affect our business. Our customers are invited to paticipate by leaving their questions and comments.

Royal Mail fat cat boss Adam Crozier picks up £3m pay

Posted on Thursday May 21 0:00:00 UTC 2009
Listed under: Important for us

The figures released on 23 May showed Crozier's basic salary in 2007-8 remained unchanged at £633,000, but this was increased to £843,000 because of an annual performance bonus and other benefits.

He also got £1.99million for a long-term incentive plan covering three years and a cash supplement in lieu of pension of £208,000, according to the Royal Mail annual report.

Royal Mail chairman Allan Leighton, whose pay and bonus remained at £200,000, said of Crozier's salary: "The payment covers three years during which the group has consistently exceeded expectations and met all the targets set by the shareholder."

The annual report also revealed that Ian Griffiths, who left his job as managing director of the letters business last year, received £500,000 as compensation for loss of office - after doing the job for only a year.

Roger Clarke, a columnist from Birmingham Mail characterised Mr Crozier. He wrote: "The guy seems to know just as much about postal services as he did about football but he probably has some business studies qualification which is all you need in Britain these days. You don't need to know anything about the industry concerned, how to make anything, provide a service or anything useful, just know all the right buzzwords and cut lots of costs."



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