Royal Mail chief executive Moya Greene will step down in September
Moya Greene will retire as Royal Mail chief executive in September 2018, after more than eight years at the helm.
Rico Back will become the new group chief executive joins the board at the beginning of June, following the announcement of the group's results.
Greene will step down from the board on 19 July, the date of the firm's annual general meeting, and will remain at the company until 14 September 2018 to provide "advice and counsel", to ensure an "orderly handover".
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The chief executive will leave the company with nearly £1m. Royal Mail said she will receive a cash payment equivalent to 12 months' base salary, which was £547,800 last year, and a payment equivalent to the target annual cash bonus (£367,000) when she leaves in September.
Back has been a senior Royal Mail Group executive and chief executive of Royal Mail's major European subsidiary, General Logistics Systems (GLS), for 18 years.
He was a founding member of German Parcel in 1989, which was then acquired by Royal Mail in 1999 and then rebranded as GLS.
Sue Whalley meanwhile, who was appointed chief operations officer in 2014 and then managing director for Royal Mail letters and network, will become chief executive of post and parcels, Royal Mail UK. She will be responsible for all the revenue and operations in the UK, other than Parcelforce Worldwide and Royal Mail International.
Peter Long, chairman, said:
Royal Mail was highly fortunate to recruit Moya, given her direct experience, strategic vision, drive and proven track record across a range of industry sectors.
When Moya joined in the summer of 2010, the company was balance sheet insolvent. Since then, Royal Mail has been transformed, including our privatisation in 2013 and two significant, ground-breaking agreements with the CWU.
Alongside the strong financial position Moya has secured for the Company, we have invested over £1.5bn in our UK operation in recent years. We are one of the most favourably viewed brands in the UK.
Greene said:
I am proud of what we have achieved over the last eight years. It is very pleasing to note that around 20 per cent of this company is owned by our employees and retail shareholders. Most of all, I am honoured to have worked alongside Royal Mail's people and the union leadership.
It is their hard work and dedication that connects households, communities and companies across the UK every day. I would like to warmly congratulate Rico and Sue, two colleagues with whom I have had the privilege of working closely with for many years.
Where next for Greene?
Royal Mail said Greene will pursue a range of other interests, including "developing her portfolio career".
She is a non-executive at EasyJet and a trustee of Tate, and as previously announced, will become a non-executive of Rio Tinto in the second-half of 2018.
Read more: Royal Mail: Ireland is Britain's "first-step export market"
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