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.”

 

Related Articles

Text size

Desktop Site | Mobile Site