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THE only reason why Royal Mail is vulnerable to a takeover by a foreign equity investor is because of executive mismanagement, delegates at the Communication Workers Union (CWU) annual conference were told yesterday.
CWU general secretary Dave Ward said: “They let us down, they let the country down, they let the workers down and they do not deserve to be running [Royal Mail] today.
“They destroyed quality of service and imposed chaotic divisions that were never going to work.”
He blasted the board members for ending the subsidy from the “very profitable” GLS Parcel Service, part of the group’s business portfolio.
Even worse, he said, was “saying that £650 million of their record postal profits during the pandemic were a one-off to some extent,” instead of using them to invest and modernise the business.
CWU supported modernisation that involved meeting the challenges of climate change, AI and rebuilding the economy, not “lining their pockets and the pockets of shareholders,” Mr Ward said.
