Royal Mail has confirmed that Moya Greene will step down as chief executive and will be replaced by the head of its worldwide parcel delivery operations.
Rico Back will take over from Greene at Royal Mail, stepping up from his current job running the company's European subsidiary General Logistics Systems, which is enjoying a strong performance and delivering encouraging sales growth.
As of 08:38 BST, Royal Mail's share price had added 0.11 percent to 563.60p, marginally underperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.34 percent higher at 7,353.97 points.
The group's chairman, Peter Long, said: "When Moya joined in the summer of 2010, the company was balance sheet insolvent".
He was a founding member of German Parcel in 1989, which Royal Mail acquired in 1999, and subsequently rebranded as GLS. "What Rico has built in 42 different markets is. exceptional and we want to see that go forward now", Greene said.
Back has been a senior executive in the group for 18 years.
Bernstein analysts said Back was a "natural successor" given his 30 years of experience in the parcels business.
Mr Back will be supported by Sue Whalley, another senior Royal Mail exec who will be promoted to chief executive of the company's United Kingdom post and parcels business.
Sue Whalley was appointed Chief Operations Officer in 2014 and, subsequently, Managing Director of Royal Mail Letters and Network.
Whalley's promotion will mitigate concerns that Back "lacks experience dealing with the regulated, highly unionised and politically sensitive United Kingdom business", Liberum analysts said.
"We have invested over £1.5bn in our United Kingdom operation in recent years". On his appointment as Group CEO, effective 1 June 2018, Rico's normal place of work will be our London headquarters. It now accounts for 35 per cent of the group's adjusted operating profit. "I would like to thank Moya for all her support and counsel over the years and wish her well in the future". Switzerland is Rico's home and he will continue to be legally domiciled there.
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