Royal Mail's chief executive Rico Back has quit with immediate effect as the group reported a £22 slump in revenue with a sharp drop in letters being sent.
His sudden departure after just two years in the top job comes as the company hinted at a major shake-up with "an accelerated pace of change across the business".
He will be replaced by a duo of Keith Williams, who becomes interim executive chairman, and Stuart Simpson, who will be the chief executive until a permanent replacement can be found.
Mr Back started his career three decades ago in Royal Mail's parcels operation, General Logistics Systems (GLS).
On becoming the group's boss back in 2018, he controversially received a £6m "golden hello" and stirred tensions further when he said he would run the business from Switzerland.
He had promised a £1.8bn turnaround plan last year to transform Royal Mail into a sustainable, profitable operation by 2024, but this had run into delays in the face of staff unrest and the uncertainty caused by the coronavirus crisis.
In a statement, Mr Back said: "It has been a privilege to lead a company that is so much a part of UK life at this crucial time in its history.
"I am proud of what I, together with our dedicated and loyal team, helped to build in Royal Mail and GLS.
"I look forward to seeing Royal Mail transform into a parcels-led, international delivery company, that continues to touch the lives of millions across the world."
Chairman Keith Williams said: "Rico Back has made a significant contribution to the evolution of our business over his 20 years with us, particularly in building our international parcels business and developing our group strategy, which recognised the urgent need for change to create a sustainable business for the future.
"On behalf of the board, I would like to extend my thanks to Rico and wish him well in the future."
Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "The coronavirus crisis has accelerated many existing trends, and unfortunately for Royal Mail one of those is the decline in addressed letters.
"That long, slow decline is no longer slow by anyone's measure, and the volumes have probably been lost for good - companies and individuals that have discovered digital alternatives to increasingly expensive stamped envelopes will not go back.
"Of course the immediate headwinds aren't really Royal Mail's fault, but the group went into the current crisis in a less than robust state.
"The group has been slow to modernise its operations and has repeatedly run into resistance from staff, manifesting in higher costs and increased disruption to the service. Even in the international business, which has been a lone bright light at times, trading conditions are uncertain.
"The group's saving grace is a pretty healthy balance sheet and significant levels of liquidity.
"However, we suspect Royal Mail is burning through cash at a fair rate of knots in the current climate and that places a time limit on how long Keith Williams has to turn the ship around.
"A background at British Airways may prepare the newly installed Executive Chair for the challenges of a highly unionised workforce, but coronavirus disruption is something quite different."
https://news.google.com/__i/rss/rd/articles/CBMiWmh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L3JveWFsLW1haWwtY2hpZWYtcmljby1iYWNrLXF1aXRzLXdpdGgtaW1tZWRpYXRlLWVmZmVjdC0xMTk4ODY1NdIBXmh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2FtcC9yb3lhbC1tYWlsLWNoaWVmLXJpY28tYmFjay1xdWl0cy13aXRoLWltbWVkaWF0ZS1lZmZlY3QtMTE5ODg2NTU?oc=5
2020-05-15 08:26:54Z
52780787045539
Tidak ada komentar:
Posting Komentar