After just 18 months in the post, Toime is expected to walk away with 拢775,000. By contrast, postal workers do not receive any severance pay if they take redundancy with less than two year's service.
Toime's move comes as Royal Mail nears the end of 30,000 job cuts among its postal workers.
He joined the company in February last year, one month before the arrival of Crozier, and was charged with looking after the letters business and Parcelforce Worldwide. He also chaired the management board.
However, Crozier took control of letters from Toime in May and took chairmanship of a newly structured management board two weeks ago.
Crozier is also likely to oversee the Parcelforce operation, with the position of deputy chairman being scrapped.
Industry insiders have suggested that Toime was becoming increasingly frustrated with his diminished role and isolated by Crozier.
Toime receives 拢500,000 salary plus expected bonuses of 拢275,000. The company may also have to pay him relocation compensation if he decides to return to his native New Zealand. Royal Mail has said that Toime has left to pursue opportunities as a consultant in the international postal sector.
The move comes as the state-owned group appoints Lady Margaret Prosser, a Labour peer and prominent trade unionist, as non-executive director. She was deputy general secretary of the Transport and General Workers' Union between 1998 and 2002 and was president of the Trades Union Congress from 1995 to 1996.
She will join a number of heavyweight City figures on the Royal Mail board such as Richard Handover, chairman of WH Smith.
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