THE entire board of Royal Mail has missed out on any bonus this year after a disastrous period for the postal service, according to the company's annual report.
Chief executive Rico Back, who faced heavy criticism over a £5.8 million golden hello when he joined last June, missed out on an annual bonus and former boss Moya Greene also failed to secure a pay-out following poor results.
Mr Back still took home for the 10 months from joining to the end of March £647,000, including £21,000 in benefits for a car and medical insurance.
However, an annual bonus, worth up to £1.1 million, was missed as results were worse than expected.
Last October the company issued a shock profit warning, saying that cost-cutting was going slower than expected.
Cost savings would only hit £100 million this year, compared with initial plans of £230 million. Letter volumes fell 7%.
Royal Mail has said previously it will listen more closely to shareholders after investors rejected last year's pay report over accusations of excessive pay.
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Delays to London's Crossrail are holding back expansion plans at one of Lord Alan Sugar's star investments, the businessman has revealed.
Speaking at the opening of Dr Leah Totton's third cosmetic clinic, Lord Sugar said the long wait for the new rail system was "a bit of a joke".
Dr Totton, who won The Apprentice in 2013 and earned a £250,000 investment from Lord Sugar, is set to open a fourth site in the Canary Wharf Crossrail station.
However, the original opening date of December 2018 was pushed back after Transport for London said the new line, named after the Queen, would not be open for another two years.
"We've got an agreement with the landlord there and basically we're not moving in until the Underground is working," he said. "And when that will be? Your guess is as good as ours on that one.
"Some people are saying 2020, 2021. It's a bit of a joke."
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