Royal Mail share price little changed as group announces change at the top
Royal Mail boss Moya Greene is to stand down later this year after eight years in charge of the company that saw her steer it through a controversial privatisation and settle a long-running pensions dispute with workers. She will step down from the board at the company's annual general meeting on July 19, but will remain at the company until September 14 "to provide advice and counsel".
The FTSE 250-listed mail delivery firm said Rico Back will assume the role of Group CEO on 1 June 2018, following the announcement of the 2017-18 results.
"When Moya joined in the summer of 2010, the Company was balance sheet insolvent", Peter Long, chairman of Royal Mail, said.
The investment director argues productivity improvements are essential if Royal Mail hopes to outwit its rivals and drive earnings higher.
"We have invested over £1.5bn in our United Kingdom operation in recent years".
Royal Mail said Greene, a Canadian national who will leave with a near-£1m payoff, had transformed the business, which had been struggling after services were opened up to competition in 2006.
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Royal Mail shares peaked at just over 600p in 2014 before falling as low as 376p last September.
Greene will retire from Royal Mail later this year and will pursue other interests including non-executive director positions at EasyJet and Rio Tinto (RIO).
Royal Mail further announced that Moya Greene will be replaced by Rico Back, now CEO of the group's GLS business.
He was a founding member of German Parcel in 1989, which was then acquired by Royal Mail in 1999 and then rebranded as GLS.
Royal Mail said Back would receive the same total £790,000 pay and benefits as Greene, with a possible £1.3m bonus, and would pay United Kingdom tax.
The company also named Sue Whalley as CEO of Royal Mail UK's Post and Parcels, which covers revenue and operations in Britain except for Parcelforce Worldwide and Royal Mail International.
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