Economy

Greene to step down as Royal Mail chief

Greene to step down as Royal Mail chief”

Rico Back, 63, who runs the highly profitable GLS business and has been a senior executive at the company for 18 years, will take up the role on June 1.

The departure of Greene, who will formally step down from the board in the summer but stay on until September to ensure an "orderly handover", will leave just six women in charge of FTSE 100 firms. Royal Mail said she will receive a cash payment equivalent to 12 months' base salary, which was £547,800 previous year, and a payment equivalent to the target annual cash bonus (£367,000) when she leaves in September. She is now a non-executive at easyJet and a trustee of Tate, and will become a non-executive director of Rio Tinto later this year. Moya will, as previously announced, become a non-executive director of Rio Tinto in the second half of 2018.

"Since then, Royal Mail has been transformed, including our privatisation in 2013 and two significant, ground-breaking agreements with the CWU (Communication Workers Union)".

Alongside the strong financial position Moya has secured for the Company, we have invested over £1.5bn in our United Kingdom operation in recent years.

Peter Long, chairman, hailed Ms Greene's "tremendous contribution during a defining time for us".

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Royal Mail is legally required to make this payment to Ms Greene as part of her employment contract, which was approved by Government in 2010 when the company was in state ownership.

She said it had been a "great privilege to serve as CEO of this cherished United Kingdom institution". On his appointment as Group CEO, effective 1 June 2018, Rico's normal place of work will be our London headquarters. Sue is leading the very important transformation of our United Kingdom business.

The group said that Rico Back and his family live near Zurich, Switzerland, where they have been resident for more than ten years and where his youngest child is in full-time education.

Sue Whalley said: "I am very pleased to be joining the Royal Mail Board".



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