Royal Mail Group PLC (LON:RMG) has confirmed that its chief executive officer Moya Greene will retire in September 2018 after more than eight years in the top job.
The FTSE 100-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.
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Back has been CEO of the group’s major European subsidiary, General Logistics Systems (GLS), for 18 years.
He was a founding member of German Parcel in 1989, which Royal Mail acquired in 1999, and subsequently rebranded as GLS.
Royal Mail said Greene will remain at the company until 14 September 2018 in order to provide advice and counsel, working closely with Back to ensure an orderly handover.
The company also said that Sue Whalley will become the chief executive officer of Post and Parcels, Royal Mail UK, which consists of all the revenue and operations in the UK, other than Parcelforce Worldwide and Royal Mail International.
Whalley was appointed the group’s chief operations officer in 2014 and, subsequently, managing director of Royal Mail Letters and Network.
Peter Long, Royal Mail’s chairman, commented: "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 £1.5 billion in our UK operation in recent years.”
He added; "The Board believes that Rico's track record, his strong commercial acumen and his deep understanding of the delivery industry mean he is ideally placed to lead Royal Mail.”