Royal Mail CEO pockets £1m+ as profits slump
Date: 01 November 2007
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Royal Mail has posted falling profits as courier companies take on more of the organisation's business.
Net profits for the 2006/07 financial year were down by a third to £233 million. Factors leading to this decline include a series of damaging strikes and a black hole in the staff pension scheme that had to be filled by an extra £193 million.
Strikes by postal workers this year have led to businesses selecting other delivery firms and courier companies as the Royal Mail service becomes less reliable. Citipost and DX are among those that have profited.
However, despite the Royal Mail's woes, it has emerged that chief executive Adam Crozier is set to take home a pay and bonus package worth in excess of £1 million.
Dave Ward of the Communication Workers Union, which represents Royal Mail employees, said: "Postal workers have had to take eight days of strike action this year to get any pay rise at all. The chief executive then receives £1 million."
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