(Reuters) - The chief executive of Royal Mail, Moya Greene, who is responsible for leading a turnaround of the business, is set to receive an annual bonus worth nearly 500,000 pounds, as the company readies itself for a stock market listing this year, Sky News reported.
Royal Mail’s remuneration committee has yet to sign off on the pay proposals for the 2012-13 financial year, but is expected to do so ahead of the release of the company’s annual report, which will be published by the end of July, Sky News said on its website.
The annual report will show that Greene, eligible for an annual bonus equivalent to a year’s salary, will get a base salary of 498,000 pounds for a third consecutive year, Sky News said, citing people close to Royal Mail.
Earlier this week, the company reported a full-year profit that was more than double what it reported last year, on the back of an online shopping boom. That was a marked turnaround for a business that has been fighting to adapt to a more competitive market and falling letter volumes.
Sky News cited sources as saying that given the company’s sharply improved performance, Greene’s bonus was likely to be higher than the 371,000 pounds, or 74.5 percent of base salary, that she received last year.
Royal Mail was not immediately available for comment. The company declined comment to Sky News.
Reporting by Abhishek Takle in Bangalore; Editing by Leslie Adler