Minister praises Royal Mail boss

[TrueBlueTerrier]

http://www.expressandstar.com/business/ ... mail-boss/" onclick="window.open(this.href);return false;

Royal Mail's chief executive should be congratulated for her work in transforming the fortunes of the newly privatised company, Business Minister Michael Fallon said today.


A row has been brewing over Moya Greene, who has been described by the Royal Mail's chairman as the "lowest-paid chief executive in the FTSE 100", after recommendations by the board that she should see her salary increase in line with her other private sector rivals.

Liberal Democrat Business Secretary Vince Cable had signalled he would block a large increase on executive remuneration, but his deputy suggested today that a decision had still to be made as the department had not yet received a formal recommendation.

Shadow business minister Ian Murray, whose party was against the sell-off, mocked what he suggested was the Royal Mail's hierarchy beginning to enjoy the excesses of privatisation.

The Labour MP said during business questions in the Commons: "The fire sale of Royal Mail has cost the taxpayer in excess of £750 million, but it's not taken them long to enjoy their new privatised status.

"Reports in the media suggest that the board of the Royal Mail are about to propose a significant pay increase for their chief executive to bring her in line with other FTSE 100 companies."

Turning to Mr Fallon, he said: "The Business Secretary says he will use the Government's remaining stake, as the largest stakeholder, to veto the proposals. Do you agree with the Secretary of State, your boss, or is this just froth?"

Mr Fallon replied: "If this sale was a fire sale, it was certainly (as one of my honourable friends said), one of the longest fire sales in history, given that governments have been trying to sell Royal Mail for over 20 years.

"I think we should salute Moya Greene's achievement in transforming a loss-making public corporation into one of Britain's top 100 companies and congratulate her - one of all too few female chief executives - on her award as Business Person of the Year; we have yet to receive any proposal from the remuneration committee."

Earlier this week, the company's chairman Donald Brydon told the Daily Telegraph that Ms Greene was the "lowest-paid chief executive in the FTSE 100" and that a rise in her salary was necessary to hold onto her.

"I think it's only fair to pay Moya the right market rate for her job. I'm not in the school that says top executive pay is without fault - there are parts of it that are egregious and wrong. But happily we are so far away from that end of it that to try and right-size her a bit, I think, is a necessary part of making sure we keep her."

Labour has repeatedly accused the Government of a "botched privatisation" over its controversial sell off of Royal Mail, saying taxpayers have been short-changed to the tune of hundreds of millions of pounds.

More than three months after the flotation, the opposition said the postal group's share price was at 500p more than 70% higher than the 330p at the time of privatisation last October.

Tweeting after their exchange in the Commons, Mr Murray wrote: "More tension in Govt BIS (Business) team as Minister Fallon refuses to back his boss, Vince Cable, on vetoing large increase in pay for Royal Mail CEO."

[royalmailsajoke]

I don't let things upset me any more, until I read this and now I am so f***ing angry really really angry.
Give her 3%, delayed for a year, or she can f**k off - and that's from a shareholder.
Ireallyam osf***ingg angrypirugnhpbtuiotrhjgit5uioghuhjinhjj

[hans solo]

just vote no and your concience will be clear

[UnhappyGremlin]

[wacko74]

Not that any of these people deserve praise but I fail to see what Moya has actually done... other than continue the business modernization and transformation programme that was put in place under Leighton and Crozier.

[Budfrog]

Not that any of these people deserve praise but I fail to see what Moya has actually done... other than continue the business modernization and transformation programme that was put in place under Leighton and Crozier.

More ruthless than previous CEOs, outmanoeuvres the CWU leadership time and time again, has a vision for RM (which nearly all of us don't share) and employs/promotes senior managers who are driven to achieve those goals .... in fact a blueprint for what most tories would like to see in every major UK business.

There will be radical changes to RM over the next 24 months under Moya Greene, the agreement won't derail her plans, is she worth a massive pay rise ?? depends which side of the fence you sit (some greedy hedge funds may believe she is), politically it will not look good, but then allowing bankers to receive massive bonuses after the taxpayer bail outs didn't look good either ... but it didn't stop them.

[janitor]

I think a chimp could out manoeuvre the CWU, so that's no reason for a pay rise, or a great achievement.

[royalmailsajoke]

Correction, make it a 2% rise as that's all she's increased revenue by ( that's bad enough to make my shares drop 4.5% )

[gosickwithstress]

I don't let things upset me any more, until I read this and now I am so f***ing angry really really angry.
Give her 3%, delayed for a year, or she can f**k off - and that's from a shareholder.
Ireallyam osf***ingg angrypirugnhpbtuiotrhjgit5uioghuhjinhjj

I agree - Send her back home and take her passport away, So she can never
darken this country again Let the Canadian post people deal with her, The greedy no good for nothing !"*&^%£$"

Ooops - Hope this is not going on twitter as hate mail

- Im sure moya is a lovely lady. Love you moya XXX your worth every penny and more