Royal Mail PLC (LON:RMG) chairman Peter Long has stepped down from his role, citing the heavy workload brought on by his appointment as Countrywide PLC’s (LON:CWD) executive chairman earlier this year.
He will be replaced by former AXA Sun Life chief executive Les Owen, who has sat on the postal giant’s board since 2010.
READ: Countrywide issues profit warning after glum Q4
Long, who has been Royal Mail’s chairman for the past three years, was asked to take the top job at Countrywide in January following the resignation of former chief executive Alison Platt.
Platt stepped down after the estate agency issued its second profit warning in three months.
Having reviewed his board appointments, Long decided he could no longer perform both tasks.
“It is with a heavy heart that I step down from the Royal Mail board,” said Long.
“Over my three years as Chairman, I have taken great pride in what has been achieved by the group. It is a company with an incredible heritage. Operating in a challenging environment, it is positioning itself well for diversified growth under the leadership of Rico Back and his executive team."
He added: “I wish all my Royal Mail colleagues every success in the future.”
His successor, Les Owen, thanked Long for his “significant contribution” over the course of his tenure.
Royal Mail shares were down 0.5% to 483.2p in late morning trade, while Countrywide's stock dropped 1.3% to 10.8p.