£1m payoff for Royal Mail boss

THE boss of Royal Mail is stepping down after eight years with a payoff worth nearly £1million.

Moya Greene, 63, pictured, will receive a cash payment equivalent to her salary of £ 547,800 and an extra bonus of £367,000. Her departure has led to a gender pay row, as she is being replaced by a man who has no experience of running an FTSE 100 company but who will get around £100,000 more.

Rico Back, who lives in Switzerland, is getting a base salary of £640,000. The firm says their packages are equivalent as Miss Greene’s pension payments were higher.

Her resignation means there are now only five woman FTSE 100 bosses.

The Canadian mother-of-one led the privatisation of the postal service in 2014 and helped avert a strike last year after negotiating a deal on workers’ pensions. When she took over at Royal Mail in 2010 a firstclass stamp cost 41p. Today it is 67p.

Miss Greene will formally step down from the board on July 19 after Royal Mail’s annual general meeting, but will stay on at the company until September.

Mr Back, 63, is the chief executive of Amsterdam-based General Logistics Systems, which was bought by Royal Mail in 2009 and rebranded GLS.