Did I say “company?” It should say “service.” As in “US Postal Service.” Which loses money to the tune of $16 billion a year.
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 competent president would fire the lot of them. Too bad we don’t have one of those. The president we do have is hellbent on making your health care function more like the postal service.
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