Royal Mail's new boss gets multimillion-pound payment

Purvai Dua

Source: @Photoshot

Here’s why

The new chief executive of Royal Mail Group has been paid nearly £6m to buy him out of his contract, a move which has attracted criticism from the trade unions.

Rico Back had received €6.6m (£5.8m) in July by the Royal Mail board, as first reported by Sky News.

The contractual arrangement was rooted in the fact that Back was a shareholder in German Parcel and its managing director at the time of its acquisition, said Royal Mail.

“Frankly, this is not a good start for Mr Back, who I have not met yet,” said Terry Pullinger, deputy general secretary at the Communication Workers Union. He added: “On a personal level I find these arrangements obscene and it will be interesting the first time Mr Back pleads poverty when we discuss reward for our members or request more investment in growth.”


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