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Despite $15.9 billion loss, U.S. Postal Service execs see boost in pay

Home - by - November 17, 2012 - 15:00 America/New_York - 8 Comments

WA Times

Despite nearly $16 billion in annual losses announced by the U.S. Postal Service on Thursday, all but one of the top five executives for the nation’s mail service had an overall compensation increase this year, records show.

Unlike past years, when the Postal Service’s politically appointed, bipartisan board of governors awarded executives lucrative deferred compensation deals and incentive bonuses, this year’s compensation increases came mostly in the form of pension plan earnings.

Postmaster General Patrick Donahoe, for instance, earned a base salary of $276,840, but even without a bonus or incentive payout, his overall compensation came to $512,093, compared with $384,229 in 2011, according to regulatory filings.

Fueling the rise was the fact that his retirement account grew by $186,536. A 37-year employee of the Postal Service, Mr. Donahoe was paid $4.76 per hour during his first job as a postal clerk.

Meanwhile, two other executives — Ellis Burgoyne, chief information officer, and Mary Anne Gibbons, general counsel — also received hefty increases in their retirement plans.

In fact, Mr. Burgoyne’s retirement plan grew by more than $270,000, bringing his total compensation to $510,505, slightly less than Mr. Donahoe‘s.

Compensation for Joseph Corbett, the Postal Service’s chief financial officer, rose from $310,483 in 2011 to $315,841 last year, though he earned more than $330,000 in 2010.

In addition, the Postal Service’s chief human resources officer, Anthony J. Vegilante, received $60,000 in retention bonuses for fiscal 2011 and 2012 on top of his $240,000 annual salary, filings show. Nonetheless, Mr. Vegilante’s overall compensation for 2012 dipped to $363,002, compared with $364,667 the previous year.

A sixth postal executive, acting Chief Financial Officer and Executive Vice President Stephen Masse, was not subject to compensation reporting requirements until this year, and he earned $222,919 overall.

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» 8 Comments

  1. Buffalobob

    November 17th, 2012

    Well they can take solace in the fact that even a union goon shutdown/strike won’t put them out of business. Unlike the private sector they are not required to operate in the black.

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  2. Buck Ofama

    November 17th, 2012

    If this was a private enterprise, shareholders would have their heads on a stick!

    Why isn’t Congress demanding the same thing?

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  3. Diann

    November 17th, 2012

    There is something decidedly wrong with government unionized workers. They extort us, but then do not allow us a place at the bargaining table. Screw them. Put this dinosaur out of its misery. Let the USPS die a long-overdue death.

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  4. John Cooper

    November 17th, 2012

    I suppose that this will put me at odds with the other posters here, but I like the U.S. Post Office. I think it’s one of the world’s greatest bargains that I can write a letter, have it picked up at my door and, within a few days, have it hand delivered anywhere in the Country for 45 cents.

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  5. Unneutral

    November 17th, 2012

    Maybe the USPS can add a little c.o.d. to the recipients.

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  6. F.D.R. in Hell

    November 17th, 2012

    It’s my fault. I had the WPA build too many Post Offices during the New Deal 1930s.

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  7. FreeMan & Sarah Intend to Defend

    November 17th, 2012

    These guys were needed or they would have been 16 million behind. Now it is only 16 Billion.

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  8. Ten Megaton

    November 17th, 2012

    Sucks to be them. Doesn’t that make them rich according to Oblome and targets of his tax hikes? For 500 grand I could have racked up 30 or 40 billion in losses. These guys really suck.

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