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USPS Annual Report 2010 (PDF)

USPS 10-K Report 2010 (PDF)

Postmaster, Supervisor Groups Reject Pay Freeze (PDF)

we cannot agree to either forego or defer the upcoming NPA payouts scheduled for January 2009. The attorneys with whom we have consulted on this issue believe that the Postal Service does not have the right to demand that we  re-open pay consultations or change the pay agreement in any way - (10/30/08)

 

Postmasters League President Speaks Out On Pay Raises - While the management associations are committed to helping the Postal Service find its way out of the predicament in which it finds itself, taking a pay raise away from Postmasters and supervisors is not the right thing to do. It is the position of Naps, Napus, and the League that the U.S. Code prevents the Postal Service from unilaterally opening pay consultations, and we have informed Postal Headquarters of our opinion. I absolutely don’t foresee Postmasters and supervisors giving up their raises. (10/30/08)

 

 NAPS and Postmaster Organizations Say “No” to Pay Concessions

 

Minutes of Meeting Between USPS HQ and Postal Management Associations (10/30/08)

Big Pay Increases Approved For Top Postal Service Officers (1/22/08)

source: PRC Annual Report of The Securities Exchange Act-page 38(11/27/08)

 

 

Fiscal Year 2010 Executive Officer Compensation

 

Summary Compensation Table

Name and
principal position

Year

Salary ($)

Bonus ($)

Non-equity incentive plan compensation ($)

Change
in pension value and Nonqualified deferred compensation earnings ($)

All other compensation ($)

Total ($)

(a)

(b)

(c)

(d)

(g)

(h)

(i)

(j)

John E. Potter

FY10

$273,296

 

    $228,088

$219,095

$77,939

$798,418

Postmaster General, CEO

FY09

$265,320

-

-

$393,054

$76,276

$734,650

 

FY08

$263,575

-

$135,041

$381,496

$77,347

$857,459

Patrick R. Donahoe

FY10

$247,615

 

$31,100

$195,472

$6,901

$481,088

Deputy Postmaster General & COO

FY09

$240,000

-

-

$317,538

$39,591

$597,129

 

FY08

$238,654

-

$36,000

$316,805

$8,567

$600,026

Joseph Corbett

FY10

$236,231

 

$58,600

$19,950

$18,901

$333,682

Chief Financial officer & Executive VP

FY09

$150,385

$75,000

-

$11,891

$7,121

$244,397

 

FY08

-

-

-

-

-

-

Anthony J. Vegliante

FY10

$236,923

 

$37,800

$101,777

$9,342

$385,842

Chief Human Resources Officer & Executive VP

FY09

$230,000

-

-

$199,763

$10,627

$440,390

 

FY08

$228,654

-

$32,200

$209,273

$12,693

$482,820

Stephen M. Kearney

FY10

$196,538

 

$31,300

$144,137

$16,907

$388,882

Senior Vice President, Customer Relations

FY09

-

-

-

-

-

-

 

FY08

-

-

-

-

-

-

Note: Column (c) Salaries for executive level officers were frozen for calendar year 2009. The salary amounts vary from FY10, FY09 and FY08 because USPS salaries are based on the calendar year and not the fiscal year. Therefore, FY10 salary numbers include a portion of calendar year 2009 salary figures, FY09 salary numbers include a portion of calendar year 2008 salary figures and FY08 salary numbers include a portion of calendar 2007 salary figures. Joseph Corbett assumed the position of Chief Financial Officer as of January 31, 2009, and therefore did not earn FY08 salary. This is the first year that Stephen Kearney is a named executive officer and as such, information for FY08 and FY09 are not reported.  

 Column (d) The payment amounts listed for Mr. Corbett reflect lump sum incentive compensation that was required to recruit and/or retain him. Any amounts that could not be paid to him due to the compensation cap were deferred for future payment. Pursuant to his contract with the Postal Service, Mr. Corbett was awarded a recruitment amount of $75,000; he was paid $50,000 of this award in FY09 and the remainder was deferred.

 Column (g) The amounts in this column reflect the performance-based incentive compensation awarded to executive officers. Mr. Potter’s non-equity incentive plan compensation was deferred for FY08 and FY10 due to the compensation cap and will be paid in ten annual installments after he leaves postal employment. Pursuant to his employment contract, Mr. Corbett’s non-equity incentive plan compensation includes $30,000 in deferred performance-based compensation for FY10.

 Column (h) Mr. Potter, Mr. Donahoe, and Mr. Vegliante all participate in the Civil Service Retirement System (CSRS), which is a defined benefit plan. Mr. Corbett participates in the Federal Employees Retirement System (FERS), a portion of which is a defined benefit plan. Mr. Kearney’s annuity includes both a FERS and a CSRS component. The calculation of retirement annuities under CSRS and FERS is explained on page 44 in the Retirement Annuities section of this Compensation Discussion and Analysis. The amounts shown in column (h) for each of these individuals are the amounts by which the value of their annuities has increased since the end of the prior fiscal year. “Nonqualified deferred compensation earnings” is defined as above-market earnings on deferred income. There were no reportable amounts of non-qualified deferred compensation earnings for the named executive officers in FY2010, with the exception of Mr. Corbett whose above-market earnings on deferred income is $167.

 Column (i) For all executive officers listed, the ‘All Other Compensation’ category includes: financial planning services, Thrift Savings Plan employer matching contribution for FERS employees, non-cash awards, parking, physical examinations, life insurance premiums paid for by the Postal Service, airline clubs, spousal travel, and relocation costs. Security costs valued at $70,485 are also included for the Postmaster General. The amounts listed in this column for FERS employees (Mr. Corbett and Mr. Kearney) include any amounts they received in TSP matching funds.

 

Grants of Plan-Based Awards

 The following table presents information regarding potential non-equity incentive grants to the named executive officers for fiscal year 2011. Whether executive officers receive an award and, if so, the amount for an award for fiscal year 2011 will depend on the Postal Service’s and the individual’s performance.

 

Note: Columns (c)-(e). The USPS Pay-for-Performance (PFP) program relies on a 15-point scale with clearly defined and transparent corporate goals. The PFP plan target in any given year is set at a rating of 6. Incentives are not paid for any rating below or equal to 3 .The maximum threshold for payment is set at a rating of 15. Individual ratings vary but the corporate score is used as the regulator

Pension Benefits

The table below shows the present value of accumulated pension benefits payable to the named executive officer.

Note:       Column (d) Mr. Potter is the only USPS officer who also has a USPS Pension Benefit pursuant to contractual agreement. The amount in the first line in column (d) above for Mr. Potter is payable for his attainment of required performance objectives over the six-year period from June 2001 – June 2007 and was not based on Mr. Potter’s years of service to the Postal Service. Since 2007, the Board has not continued the USPS Pension Benefit and has frozen the amount of that benefit. Instead, since that time, Mr. Potter has been eligible for a performance incentive each year if he meets required performance objectives. The above amount of USPS Pension Benefit will be paid to Mr. Potter in monthly installments during his lifetime after he leaves postal employment, with a survivor annuity equal to 55% of the amount payable to Mr. Potter. All officers, including Mr. Potter, are eligible for CSRS or FERS retirement benefits available to career employees of the Federal Government. These benefits are described in the Retirement Annuities section of this Compensation Discussion and Analysis. The present value of the accumulated CSRS or FERS benefit represents the value of the pension over the actuarial lifetime, as of September 30, 2010. Mr. Donahoe and Mr. Vegliante participate in CSRS, Mr. Corbett participates in FERS, and Mr. Kearney’s annuity includes both a FERS and a CSRS component. Mr. Potter, Mr. Donahoe, and Mr. Vegliante are eligible for retirement, the calculation of which is described in the Retirement Annuities section of the Compensation Discussion and Analysis. The valuation for Mr. Corbett assumes that he has satisfied vesting requirements for retirement; however, because of his short tenure with the Postal Service, his retirement annuity has not vested.

Employment Agreement With Paul Vogel

The following shall constitute the contract of employment between the United States Postal Service ("Postal Service") and Paul E. Vogel ("Mr. Vogel").

1. This contract is entered into under the authority of section 204 of Title 39 of the United States Code.

2. The Postal Service agrees to employ Mr. Vogel in the position of President, Shipping & Mailing Services at the Postal Service's Headquarters located at
475 L'Enfant Plaza, S.W. , Washington , DC. Mr. Vogel's employment in this position shall commence on August 14, 2010.

3. The Postal Service will compensate Mr. Vogel with a basic salary paid at the annual rate of $245,000, provided however, that as more fully provided in
paragraph 4 below, certain amounts will be withheld from this sum because Mr. Vogel will be a reemployed annuitant. In accordance with standard Postal
Service policy and practice, this basic salary rate may be reviewed and adjusted on an annual basis during each succeeding year in which this
Agreement remains effective. Unless required by law, the basic salary rate will not be lower than set forth here. In addition to a basic salary, Mr. Vogel
will be eligible to participate in the Pay for Performance Program, or any successor program, that is generally applicable to officers of the Postal
Service. Mr. Vogel's participation in this program shall be according to the standard policies and practices governing the Pay for Performance Program,
or any successor program.

In addition to all other compensation specified in this agreement, Mr. Vogel shall receive a performance incentive, as set forth in this paragraph. For each twelve-month period listed below in this paragraph, Mr. Vogel shall be entitled to, at minimum, a performance incentive of 25% of his basic salary in effect as of the end of each twelve-month period.

For the twelve month period ending on September 30, 2011, the amount of the performance incentive shall be up to 50% of Mr. Vogel's basic salary as of September 30, 2011.

For the twelve month period ending on September 30, 2011, the amount of the performance incentive shall be up to 50% of Mr. Vogel's basic salary as of September 30, 2012.

The Full Report and Vogel Agreement can be found here USPS 10-K Report 2010 (PDF)

Employment Agreement With CFO Joseph Corbett

“On November 10,2010, the Postal Service entered into an Agreement for Retention Incentive (the “Agreement”) with Anthony J. Vegliante, Executive Vice President and Chief Human Resources Officer, providing for the payment of certain annual retention incentives to induce Mr. Vegliante to remain in his position as Executive Vice President and Chief Human Resources Officer. The Agreement is effective as of November 1, 2010 and provides for payments to Mr. Vegliante of twenty-five percent (25%) of Mr. Vegliante’s basic salary in effect as of November 1,2010 and as of November 1,2011. Mr. Vegliante will be entitled to receive such payment(s) within thirty (30) calendar days after November 1 of each twelve month period as long as he remains employed by the Postal Service as of that date, to the extent allowable by law. The Agreement provides that the parties may mutually agree in writing to extend the Agreement on an annual basis for each twelve month period commencing on November 1 of each year after November 1, 2011, so that the amount of the retention incentive for any such future period shall be twenty-five percent (25%) of Mr. Vegliante’s basic salary in effect as of November 1 of the relevant year.”

The Agreement provides that any portion ofthe payment(s) owed to Mr. Vegliante pursuant to the Agreement that are required to be deferred by the limitation found at section 3686 of Title 39 ofthe United States Code will be paid as deferred compensation. The Agreement provides that Mr. Vegliante may receive a distribution of his deferred compensation in the event of an "unforeseeable emergency" as such term is defined in Section 409A ofthe Internal
Revenue Code.

The Agreement states that if Mr. Vegliante separates from the Postal Service for any reason prior to the conclusion ofa pertinent twelve month period, he is obligated to refund to the Postal Service a prorated portion ofthe retention incentive payment he received, less any applicable deductions. If amounts to be refunded to the Postal Service have been deferred pursuant to the Agreement, Mr. Vegliante relinquishes any right to such deferred amounts.

This description of the terms of the Agreement is qualified in its entirety by reference to the attached Agreement.
Form 8-K
 

Real Estate Deal

Prior to 2010, the Postal Service infrequently entered into financially immaterial transactions with certain highly-limited groups of eligible employees. Until 2009, in connection with the relocations of eligible employees, the Postal Service provided fully- secured mortgage loans to assist in the purchase of residential housing at the new location.

In 2005, the Postal Service made a 30 year secured loan to Susan Plonkey, who served as Acting President, Shipping and Mailing Services, from June 2, 2010 until August 13, 2010. At the time the loan was originally made, Ms. Plonkey served as Vice President, Service and Market Development. The initial loan amount was $686,815. The highest principal amount of the loan during fiscal year 2010 was $660,320. The amount of the loan outstanding as of September 30, 2010 is $653,006. During fiscal year 2010, Ms. Plonkey paid $7,314 in principal and $19,518 in interest on the loan. 60% of the loan bears interest at the rate of 5.125% and the other 40% of the loan does not bear interest. Instead, the Postal Service will share in 35% of the appreciation in the value of the residence upon sale, or the occurrence of certain other events resulting in the prepayment or acceleration of the loan.

The above loan was made pursuant to an established program designed to provide financial assistance to eligible employees that transfer to high cost-of-living areas, so that they are able to purchase a suitable home. This program specified certain loan parameters, including the maximum amount of any first or second mortgage, required down payments, and the maximum shared appreciation portion of the loan. The fixed portion of the loan is at market rates at the time the loan was made

 

 

 

Fiscal Year 2009 Executive Officer Compensation

 

Summary Compensation Table

Name and
principal position

Year

Salary ($)

Bonus ($)

Non-equity incentive plan compensation ($)

Change
in pension value and Nonqualified deferred compensation earnings ($)

All other compensation ($)

Total ($)

(a)

(b)

(c)

(d)

(g)

(h)

(i)

(j)

John E. Potter

FY09

$265,320

-

-

$393,054

$76,276

$734,650

Postmaster General, CEO

FY08

$263,575

-

$135,041

$381,496

$77,347

$857,459

Joseph Corbett

FY09

$150,385

$75,000

-

$  11,891

$  7,121

$244,397

Chief Financial officer & Executive VP

FY08

-

-

-

-

-

-

H. Glen Walker

FY09

$  93,077

-

-

$    3,279

$  8,391

$104,747

Chief Financial Officer & Executive VP

FY08

$218,654

-

$  11,700

$  30,352

$18,988

$279,694

Patrick R. Donahoe

FY09

$240,000

-

-

$317,538

$39,591

$597,129

Deputy Postmaster General & COO

FY08

$238,654

-

$  36,000

$316,805

$  8,567

$600,026

Anthony J. Vegliante

FY09

$230,000

-

-

$199,763

$10,627

$440,390

Chief Human Resources Officer & Executive VP

FY08

$228,654

-

$  32,200

$209,273

$12,693

$482,820

Robert F. Bernstock

FY09

$232,500

$85,000

-

$  31,041

$13,415

$361,956

President, Shipping and Mailing Services

FY08

$  58,125

$85,000

$  15,500

$    7,195

$  3,041

$168,861

 

Note: Column (c) Salaries for executive level officers were frozen for calendar year 2009. The salary amounts vary from FY09 and FY08 because USPS salaries are based on the calendar year and not the fiscal year. Therefore, FY08 salary numbers include a portion of 2007 salary figures. In addition, the values in the above table for Mr. Walker are as of February 27, 2009, which was the end of his tenure as CFO. Joseph Corbett assumed the position of Chief Financial Officer as of January 31, 2009, and therefore did not earn FY08 salary. Robert Bernstock assumed the position of President, Shipping and Mailing Services, as of June 30, 2008.

 

Column (d) The payment amounts listed for Mr. Corbett and Mr. Bernstock reflect lump sum incentive compensation that was required to recruit and/or retain these individuals. Any amounts that could not be paid to these individuals due to the compensation cap have been deferred for future payment. Pursuant to his contract with the Postal Service, Mr. Corbett was awarded a recruitment amount of $75,000; he was paid $50,000 of this award in FY09 and the remainder was deferred. Pursuant to his contract with the Postal Service, Mr. Bernstock was awarded a recruitment amount of $85,000 in FY08 and a retention amount of $85,000 for FY09; he was paid the full amount of his recruitment payment in FY08 and $35,000 of his retention payment in FY09, with the remainder being deferred.

 

Column (g) Mr. Potter’s non-equity incentive plan compensation was deferred for FY08 due to the compensation cap and will be paid in ten annual installments after he leaves postal employment. The $0 amounts in this column reflect that, for FY09, no performance-based incentive compensation was awarded to executive officers.

 

Column (h) Mr. Potter, Mr. Donahoe, and Mr. Vegliante all participate in the Civil Service Retirement System, which is a defined benefit plan. Mr. Corbett and Mr. Bernstock (and Mr. Walker while he was a postal employee) participate in the Federal Employees Retirement System, a portion of which is a defined benefit plan. The calculation of retirement annuities under CSRS and FERS is explained on page 39 in the Retirement Annuities section of this Compensation Discussion and Analysis. The amounts shown in column (h) for each of these individuals are the amounts by which the value of their annuities has increased since the end of fiscal year 2008. “Nonqualified deferred compensation earnings” is defined as above-market earnings on deferred income. There were no reportable amounts of non-qualified deferred compensation earnings for the named executive officers in 2009, with the exception of Mr. Corbett whose above-market earnings on deferred income is $106.

 

Column (i) For all executive officers listed, the ‘All Other Compensation’ category includes: financial planning services, Thrift Savings Plan employer matching contribution for FERS employees, non-cash awards, parking, physical examinations, life insurance premiums paid for by the Postal Service, airline clubs, and spousal travel. Security costs valued at $69,067 are also included for the Postmaster General. A relocation payment valued at $30,335 is also included for the Deputy Postmaster General. The amounts listed in this column for Mr. Corbett, Mr. Walker and Mr. Bernstock include the amounts these individuals received in TSP matching funds in FY09.

Name Grant Date Estimated Future Payouts Under Non-Equity Incentive Plan Awards
Threshold ($) Target ($) Maximum ($)
(a) (b) (c) (d) (e)
John E. Potter October 2009 $ 14,817 $ 33,422 $ 104,445
Joseph Corbett October 2009 $ 12,608 $ 28,440 $ 88,875
H. Glen Walker N/A - - -
Patrick P. Donahoe October 2009 $ 13,406 $ 30,240 $ 94,500
Anthony J. Vegliante October 2009 $ 12,821 $ 28,920 $ 90,375
Robert F. Bernstock October 2009 $ 12,874 $ 29,040 $ 90,750


Note: Columns (c)-(e). The USPS Pay-for-Performance (PFP) program relies on a 15-point scale with clearly defined and transparent corporate goals. The PFP plan target in any given year is set at a rating of 6. Incentives are not paid for any rating below or equal to 3 .The maximum threshold for payment is set at a rating of 15. Individual ratings vary but the corporate score is used as the regulator.

PENSION BENEFITS
The table below shows the present value of accumulated pension benefits payable to the named executive officer.

Name Plan name Number of years credited service (#) Present value of accumulated benefit ($)
(a) (b) (c) (d)
John E. Potter USPS Pension Benefit n/a $1,350,318
John E. Potter CSRS Annuity 31 Years $2,846,111

Joseph Corbett FERS Annuity 1 Year $ 11,785
H. Glen Walker FERS Annuity 3 Years $ 63,981
Patrick R. Donahoe CSRS Annuity 34 Years $2,840,108
Anthony J. Vegliante CSRS Annuity 32 Years $2,371,464
Robert F. Bernstock FERS Annuity 1 Year $ 38,236


Note: Column (d) Mr. Potter is the only USPS officer who also has a USPS Pension Benefit pursuant to contractual agreement. The amount in the first line in column (d) above for Mr. Potter is payable for his attainment of required performance objectives over the six-year period from June 2001 – June 2007 and was not based on Mr. Potter’s years of service to the Postal Service. Since 2007, the Board has not continued the USPS Pension Benefit and has frozen the amount of that benefit. Instead, since that time, Mr. Potter has been eligible for a performance incentive each year if he meets required performance objectives. The above amount of USPS Pension Benefit will be paid to Mr. Potter in monthly installments during his lifetime after he leaves postal employment, with a survivor annuity equal to 55% of the amount payable to Mr. Potter. All officers, including Mr. Potter, are eligible for CSRS or FERS retirement benefits available to career employees of the Federal Government. These benefits are described in the Retirement Annuities section of this Compensation Discussion and Analysis. The present value of the accumulated CSRS or FERS benefit represents the value of the pension over the actuarial lifetime, as of September 30, 2009. Mr. Corbett, Mr. Walker and Mr. Bernstock participate in FERS and the other named executive officers participate in CSRS. The present value for Mr. Walker is calculated as of February 27, 2009, which was the end of his tenure as CFO. Mr. Potter and Mr. Donahoe are eligible for early retirement, the calculation of which is described in the Retirement Annuities section of the Compensation Discussion and Analysis. The valuations for Mr. Potter and Mr. Donahoe reflect reductions that would apply for early retirement, as neither of these individuals has reached the age required for optional retirement. The valuations for Mr. Corbett, Mr. Walker and Mr. Bernstock assume that they have satisfied vesting requirements for retirement; however, because of their short tenure with the Postal Service, their retirement annuities have not vested.


 

source: http://www.usps.com/financials/_pdf/FY_2009_10K_Report_Final.pdf
 

 

Fiscal Year 2008 Postal Executive Officer Compensation

Summary Compensation Table

 Name and principal position

Year

Salary ($)

Bonus($)

Non-equity incentive plan compensation($)

Change in pension value and Nonqualified deferred compensation earnings ($)

All other compensation($)

Total ($)

(a)

(b)

(c)

(d)

(g)

(h)

(i)

(j)

John E. Potter

FY08

$263,575

$0

135,041

$381,496

$77,347

857,459

Postmaster General, CEO

H. Glen Walker

FY08

$218,654

$0

$11,700

$30,352

$18,988

$279,694

CFO & Executive VP

Patrick R. Donahoe

FY08

$238,654

$0

$36,000

$316,805

$8,567

$600,026

Deputy Postmaster General & COO

Anthony J. Vegliante

FY08

$228,654

$0

$32,200

$209,273

$12,693

$482,820

Chief Human Resources Officer & Executive VP

Mary Anne Gibbons

FY08

$218,654

$0

$26,400

$82,875

$10,388

$338,317

Sr. VP, General Counsel

Note: Column (g) The amount listed for Mr. Potter in this column reflects the pay-for-performance amount the Governors awarded to Mr. Potter based on the Postal Service’s overall national NPA performance ($18,300) plus the amount of incentive compensation the Governors awarded to Mr. Potter pursuant to his employment agreement ($116,741). Mr. Potter’s non-equity incentive plan compensation is deferred due to the compensation cap and will be paid in ten annual installments after he leaves postal employment. The amounts listed for the other named executive officers are the amount Mr. Potter awarded to these individuals based on the NPA score and individual performance.

Column (h) Mr. Potter, Mr. Donahoe, and Mr. Vegliante all participate in the Civil Service Retirement System, which is a defined benefit plan. Mr. Walker and Ms. Gibbons participate in the Federal Employees Retirement system, a portion of which is a defined benefit plan. The calculation of retirement annuities under CSRS and FERS is explained on pages 36 and 37 in the Retirement Annuities section of this Compensation Discussion and Analysis. The amounts shown in column (h) for each of these individuals are the amounts by which the value of their annuities has increased since the end of fiscal year 2007. "Nonqualified deferred compensation earnings" is defined as above-market earnings on deferred income. There were no reportable amounts of non-qualified deferred compensation earnings for the named executive officers in fiscal year 2008.

Column (i) For all executive officers listed, the ‘All Other Compensation’ category includes: financial planning services, Thrift Savings Plan employer matching contribution for FERS employees, non-cash awards, parking, physical examinations, life insurance premiums paid for by the Postal Service, airline clubs, spousal travel. Security costs valued at $ 69,253 are also included for the Postmaster General.

More Info On Executive Officer Compensation 2008

Excerpts from report:

After reviewing data provided by the consulting firm and recommendations from the Compensation Committee and the Postmaster General, the Board approved for fiscal year 2007 salary ranges for the Postmaster General, other executive officers and other high-level Postal Service officers commensurate with their scope of responsibility and within the confines of the statutory compensation caps. The Board determined that the Postmaster General’s salary should be set at the legislative salary cap, and that the Deputy Postmaster General and the other executive officer salary bands should be based on salary relationships of comparable executive officers in the comparator marketplace. The Board authorized the Postmaster General to establish actual salaries for the other executive officers, within the confines of the salary ranges established by the Board. After experience with the salaries for fiscal year 2007, the Board again reviewed recommendations from the Compensation Committee and the Postmaster General and increased salary ranges by 2.5% for fiscal year 2008

Determinations on salary increases are made after the end of the fiscal year and new salaries become effective for the following calendar year. For calendar year 2008, based on fiscal year 2007 performance, the Postmaster General increased the other named executive officers’ salaries by an average of 2.25%.

To remain competitive with the comparator marketplace, the Postal Service also offers the following additional benefits to its executive officers: periodic physical examinations, parking, financial counseling services, employer-paid life insurance premiums, and membership in up to two airline clubs per year.

 

The Postal Service currently has nine executive officers. The executive officers are:

Name and Age

Positions and Experience

John (Jack) E. Potter,  Age 53

72nd Postmaster General, Chief Executive Officer and member of the Board of Governors since June 2001. Chief Operating Officer and Executive Vice President from October 2000 to June 2001 and Senior Vice President, Operations from February 1999 to October 2000.

Patrick R. Donahoe, Age 52

19th Deputy Postmaster General, Chief Operating Officer and a member of the Board of Governors since April 2005. Chief Operating Officer and Executive Vice President during the years 2001 to 2005. Senior Vice President Operations from February 2001 to September 2001.

Robert F. Bernstock, Age 57

President, Shipping and Mailing Services since June 2008. Chairman and Chief Executive Officer, Securesheet Technologies, a private software company, from September 2006 to June 2008. President and Chief Operating Officer and prior to that Executive Vice President, The Scotts Miracle-Gro Company, a marketer of branded consumer products for lawn and garden care, from 2003 to 2006. Senior Vice President and General Manager, The Dial Corporation, a leading manufacturer of consumer products, from 2002 to 2003. Mr. Bernstock serves as a director on the Boards of the following public companies: Nutri System Inc., The Pantry, Inc., and KBL Acquisition Corp. IV.

Mary Anne Gibbons, Age 58

Senior Vice President and General Counsel since December 2003. Vice President and General Counsel from 1999 to December 2003.

Stephen M. Kearney, Age 52

Senior Vice President, Customer Relations since July 2008. Vice President of Pricing and Classification from September 2001 to July 2008.

Linda A. Kingsley, Age 46

Senior Vice President of Strategy and Transition since January 2007. Vice President of Strategic Planning from August 2003 to January 2007.

Ross Philo, Age 56

Executive Vice President and Chief Information Officer since February 2008. Director of Global Energy Solutions from December 2006 to February 2008 at Cisco Systems. President and Chief Executive Officer from August 2006 to December 2006 of Visean Inc., a global startup company providing remote data communication services for the oil and gas industry. Senior Vice President and Chief Information Officer at Halliburton from December 2003 to April 2006.

Anthony J. Vegliante, Age 57

Chief Human Resources Officer and Executive Vice President since April 2005. Vice President, Labor Relations from February 1999 to April 2005.

Harold Glen Walker, Age 56

Chief Financial Officer and Executive Vice President since August 2006. Vice President of Finance and Chief Financial Officer for Invensys Controls, a company specializing in making parts for heating, cooling and safety products, from September 2001 to October 2002. Vice President of Finance and Chief Financial Officer for Europe, the Middle East and Africa of the appliance manufacturer Whirlpool Corporation from September 1990 to March 2001.