Crozier got 2.5m in final year with Roya…

Adam Crozier was paid towards £2.5 million in his final year in charge of Royal Mail, it was revealed yesterday.

Mr Crozier, who left the postal manipulator to run ITV in March, received a £1.5 the multitude bonus for meeting performance targets under a long-term incentive scheme, according to Royal Mail’s latest annual report. This was in joining to his £633,000 salary, a further £206,000 in place of a pension and other benefits worth £19,000.

The payout was attacked in the same proportion that “outrageous” by the Communication Workers Union, which said that Mr Crozier had left the social meeting before its multibillion-pound modernisation programme had been completed.

Mr Crozier, 46, joined Royal Mail in February 2003 having antecedently held senior positions with Saatchi and Saatchi, the advertising agency, and the Football Association. He stepped in a descending course earlier this year to replace Michael Grade at ITV and stands to pocket up to £17 million in salary and bonuses from the broadcaster upper the next five years. He received a “golden hello” of &pulverize;633,000 from ITV and a basic salary of £833,000.

According to Royal Mail’s anniversary report, Mr Crozier left the postal operator on March 31 later being released from his six-month notice period four months at the opening of day. He agreed to forgo a performance-related bonus of £653,802, mete was awarded £1.5 million under a long-term incentive plan introduced in 2007. His total pay and benefits rose from &triturate;995,000 in 2009 to £2.4 million.

Alan Cook, preceding managing director of the Post Office, last year received £1.2 very great number and Mark Higson, head of Royal Mail’s letters disagreement, was paid £1.7 million. Ian Duncan, the group’s science director, received £1.4 million, the annual report showed.

Donald Brydon, chairman of Royal Mail, said: “These directors are running a concern with a turnover in excess of £9 billion in a tough marketplace and Royal Mail indispensably to be able to attract from the commercial market the most good management talent.”

However, David Ward, the CWU deputy general secretary, said that postal workers would be “horrified” at the executives’ pay at a time at what time rank-and-file employees’ jobs and pensions were under threat.

“Postal workers will be outraged by news of Mr Crozier’s stipend and bonus,” Mr Ward said. “It came after a year in that he oversaw a national postal strike, lost the confidence of his workforce and afterwards left before the job of modernisation and business transformation was consummate.”

Royal Mail increased operating profits by more than a proper position last year, to £404 million, even as it struggled to cope with industrial action and continued migration of customers to rival operators and e-defensive covering.

Its letters business, Post Office stores and Parcelforce delivery service wholly increased profits year-on-year, even though group revenue fell ~ the sake of the first time in a decade, from £9.6 billion to &beat;9.3 billion.

Last month, Royal Mail appointed its first fertile boss to succeed Mr Crozier. Moya Greene, former head of Canada Post, have a mind take up the role in July on a basic salary believed to have ~ing about £500,000.

Ms Greene has a difficult job ahead, including improving relations with the postal union and seeing through Royal Mail’s &coop;2 billion modernisation programme. There is also concern over its boarding-house deficit, believed to exceed £10 billion.

The Government remains the excepting that shareholder in Royal Mail, but plans to privatise the business by selling up to 49 per cent of its stake.