No bonus for Royal Mail's bosses after dismal year which saw shares crashing 50%

[postareale]

https://www.thisismoney.co.uk/money/mar ... ng-50.html

No bonus for Royal Mail's bosses after dismal year which saw shares crashing 50%

Royal Mail chief executive Rico Back – dubbed the Flying Postman because he commutes from Switzerland – will not get an annual bonus of up to £1.1m due to the terrible performance

By LUCY WHITE FOR THE DAILY MAIL

PUBLISHED: 16:50 EDT, 14 June 2019 | UPDATED: 05:14 EDT, 15 June 2019

The entire board of Royal Mail has been refused a bonus after a dismal year in which shares fell by more than 50 per cent.

Chief executive Rico Back – dubbed the Flying Postman because he commutes from Switzerland – will not get an annual bonus of up to £1.1million due to the terrible performance.

Back, who lives in a £2.3million penthouse in Zurich, faced outrage, after joining last June, over his £5.8million golden hello.

He still trousered £647,000 in salaries and workplace benefits over his first ten months despite losing out on bonus pay because he missed targets.

Orna Ni-Chionna, chairman of the remuneration committee, wrote in the annual report: 'Shareholders were concerned that since the salary of the incoming chief executive was higher than that of the outgoing chief executive, this would lead to higher potential total pay.'

But she said that Royal Mail has reshuffled its remuneration policy so 75 per cent of bosses' bonuses would depend on hitting financial targets. The policy will come into force if passed by shareholders next month.

Royal Mail was criticised for paying departing chief executive Moya Greene almost £1m in cash. And Ni-Chionna is leaving having been under fire for holding other boardroom jobs.

Ni-Chionna presided over one of the worst shareholder revolts in corporate history last year, when 70 per cent of investors rebelled over pay. Chairman Peter Long quit soon after.

Last October, the 503-year-old company issued a shock profit warning and said cost-cutting was slower than expected.

It only expects to save £100 million this year, down from aims of £230 million.

But changes to executive pay might save some cash.

Bosses could previously pocket a maximum 200 per cent of their salary in bonuses but this has now been lowered to 150 per cent.

Hitting target performance also used to win them two-thirds of their maximum bonus, whereas now it will only get them half.

[crimson king]

Rico won't get his one million quid bonus?

My heart bleeds for him, hope he'll be able to fill up his jet.

[bogstandard]

Rico won't get his one million quid bonus?

My heart bleeds for him, hope he'll be able to fill up his jet.

it wouldn't shock me to learn that RM pay for his fuel.

[k979aaa]

Rico won't get his one million quid bonus?

My heart bleeds for him, hope he'll be able to fill up his jet.

it wouldn't shock me to learn that RM pay for his fuel.

Don't worry his master plan is cutting management bonuses with that he can commute anywhere in the world and even upgrade his shitty little jet for an A380 with twenty air hostesses and a pool in it!

[UNION JACK]

Cut all the pointless posts like performance managers and coaches you could save millions there,we have about 5 failed managers in our area took up these pointless posts,when i 1st started Royal Mail we had 1 DOM and 1 LINO,some mornings we can now have up to 8 managers in our office god knows what their doing,some are doing postman grade jobs and others up the office drinking coffee.They are worse than our crooked MP's,1 lesson the CEO could learn is its the workers that make profit not managers they just suck the company dry.Roll on the cleaning of the swamp.

[work]

Cut all the pointless posts like performance managers and coaches you could save millions there,we have about 5 failed managers in our area took up these pointless posts,when i 1st started Royal Mail we had 1 DOM and 1 LINO,some mornings we can now have up to 8 managers in our office god knows what their doing,some are doing postman grade jobs and others up the office drinking coffee.They are worse than our crooked MP's,1 lesson the CEO could learn is its the workers that make profit not managers they just suck the company dry.Roll on the cleaning of the swamp.

Aye. Time to 'brown letter' the middle management tier and stop using their often confused buffering management level to keep the workers happy/scared/annoyed etc. there is seemingly to me a dog eat dog culture with various local agreements and favouritism being common in all workplaces...even with a strong union...me thinks the internal thatcherites have put it up em (cwu) so that the scum has truly risen to the top (of RMG). divide and rule politics is ruinous but natural. if you have a job worth fighting for, then do it as per the national agreements and stop cosying up to the scum (local AND national) management; who to be frank couldn't give a toss about tha STAFF's welfare/condition/pay et al...such a 'JACK' attitude from the scum is what has put the world in such a feckin mess: never mind RMG. As Rome burns Rico/Boris and Donald will continue to fiddle. JUST DO THE JOB PROPERLY AS PER THE MANUAL...KEEP CALM AND CARRY ON REGARDLESS UNTIL TOLD OTHERWISE BY UNION and watch 'em burn! "ROLL ON THE CLEANING OF THE SWAMP!!!" - tops