Royal Mail Group (LON:RMG) has appointed insider Les Owen as its new chairman, with Peter Long stepping down with immediate effect, the company has said. The news marks another high-profile executive change at the privatised postal operator this year after Rico Back replaced Moya Greene at the helm of the blue-chip group in April.
Royal Mail’s share price has been little changed in London this morning, having inched 0.08 percent lower to 485.20p as of 10:33 BST, as compared with a flat FTSE 100. The postal operator’s shares have added about 28 percent to their value over the past year.
Chairman change at Royal Mail
Royal Mail announced in a statement today that Peter Long had informed the company of his decision to step down from the board, having served about three years as chairman of the privatised postal operator. The company explained that his commitments have ‘increased substantially’ this year, as he moved from non-executive to executive chairman at Countrywide, with that commitment to remain in place for the foreseeable future.
The privatised postal operator said that it had appointed Les Owen, a highly experienced Royal Mail Board member, as Chairman with immediate effect. Owen joined the company in 2010 and has been a member of the Audit & Risk Committee and the Remuneration Committee. He also chaired the group’s Pensions Committee during the review of its pension arrangements.
Analysts on postal operator
The 16 analysts offering 12-month price targets for Royal Mail for the Financial Times have a median target of 500.00p on the shares, with a high estimate of 630.00p and a low estimate of 400.00p. As of September 14, the consensus forecast amongst 17 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.