New ITV chief executive Adam Crozier was paid nearly £2.5 million in his final year at the Royal Mail, it has emerged.
According to the Royal Mail's annual report, Crozier received a £1.5m bonus payment for meeting his performance targets under an incentive plan.
The bonus was in addition to his basic salary of £633,000, with a further £206,000 coming in lieu of his pension and £19,000 being made up of other benefit payments.
Crozier agreed to forgo a bonus payment of £653,802, but was awarded £1.5m under a long-term incentive plan dating back to 2007.
Adding in all other bonus and benefit payments meant that his final pay packet at the Royal Mail was £2.42m.
In the final quarter of last year, Royal Mail increased operating profits to £404m, but the organisation is also facing fierce challenges from industrial action and competition from rival operators.
David Ward, deputy general secretary of the Communication Workers Union, said that the union's members would be "horrified" at Crozier's final pay packet.
"Postal workers will be outraged by news of Mr. Crozier's salary and bonus," said Ward.
"It came after a year in which he oversaw a national postal strike, lost the confidence of his workforce and then left before the job of modernisation and business transformation was complete."
Crozier, who joined ITV at Easter, stands to earn around £17m in salary and bonus payments from the broadcaster over the next five years. He also received a "golden hello" payment of £633,000 upon joining the firm.
Posted: Fri Jun 04, 2010 1:43 pm