Shares in Royal Mail Group (LON:RMG) have been little changed in London this morning as the company announced that its chief executive Moya Greene will step down later this year. She will hand over to Rico Back, currently CEO of the company’s General Logistics Systems business.
As of 08:38 BST, Royal Mail’s share price had added 0.11 percent to 563.60p, marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.34 percent higher at 7,353.97 points. The group’s shares have added more than 36 percent to their value over the past year, as compared with a 3.45-percent gain in the Footsie.
Moya Greene to step down
Royal Mail announced in a statement this morning that its chief executive Moya Greene would retire in September, after more than eight years at the helm of the postal operator. 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’.
“When Moya joined in the summer of 2010, the Company was balance sheet insolvent,” Royal Mail’s chairman Peter Long commented in the statement, adding that since then, the postal operator ‘has been transformed,’ including the group’s privatisation in 2013 and two ‘significant, ground-breaking agreements’ with the Communication Workers Union.
Royal Mail floated on the London Stock Exchange at 330p per share in 2013, with its shares now worth about 563p.
Rico Back to take over
Royal Mail further announced that Moya Greene will be replaced by Rico Back, currently CEO of the group’s GLS business. He was a founding member of German Parcel in 1989, which Royal Mail acquired in 1999, with the business subsequently rebranded as GLS.