Ex-Post Office CEO loses out on bonus Horizon compensation

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https://www.betterretailing.com/ex-post ... -on-bonus/

Post Office (PO)’s former boss is expected to lose out on a bonus worth more than £750,000

The former chief executive of Post Office (PO), Nick Read, is losing out on his bonus package worth more than £750,000 after stepping down from his post.

Read is thought to have foregone payouts totalling up to £767,000 after leaving his role in September 2024.

A spokesperson for PO said: “Nick Read has voluntarily waived his rights to both the short term and long-term awards available to him for the year ended 31 March 2024. When Nick resigned on 17 September 2024, he knowingly forfeited any bonus for the financial year to 31 March 2025. As detailed in his resignation statement, he remains a full-time employee of the company until March 2025.”

Read was entitled to a short-term bonus of up to 45pc of his basic salary, and a further long-term bonus of up to 43pc, for the last financial year, according to The Telegraph.

With Read earning basic pay of £435,750 in 2024, he would have been in line for a maximum payout totalling £383,460 for the year ending March 2024, PO’s most recent annual report shows.

Read temporarily stepped back from the chief executive role in July in order to prepare for giving evidence at the Horizon scandal inquiry.

Read is thought to forefeited the bonus despite threatening to leave the company in February this year over a pay dispute, and executives claiming Read was “obsessed” with increasing his salary.