CEO switch at Royal Mail

Royal Mail has confirmed chief executive Moya Greene will step down after more than eight years at the helm.

She will be replaced by Rico Back, the chief executive of the group’s European subsidiary General Logistics Systems, who will take the reins at the start of June after the company releases its 2017-18 earnings results.

The outgoing boss will formally step down from the board following Royal Mail’s AGM on July 19, but will stay on at the company until September in order to ensure an “orderly handover”.

Mr Back has been a senior Royal Mail Group executive and led GLS for 18 years, having been a founding member of German Parcel, which Royal Mail snapped up in 1999 and later rebranded.

He will stand for formal election to the role at the AGM.

In addition to her responsibilities at Royal Mail, Ms Greene is currently a non-executive at easy Jet and a trustee of Tate, and will become join Rio Tinto’s board in the second half of 2018.

Royal Mail chairman Peter Long said: “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, groundbreaking 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.”

Moya Green has been chief executive of Royal Mail since 2010.