Royal Mail PLCsaid its Chief Executive Officer Moya Greene, who led the privatization of the more than 500 year-old company, would retire in September after eight years at the helm.
Rico Back, who is chief executive of Royal Mail’s European unit General Logistics Systems (GLS), would assume the CEO role and join the board on June 1, the postal and parcel delivery company 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, ground-breaking agreements with the CWU,” Chairman Peter Long said.
Shares have risen more than a third since the company started trading on the London Stock Exchange.
Before joining Royal Mail, Greene was in charge at Canada Post for five years and also held senior positions in Bombardier and Toronto-Dominion Bank.
Greene is a non-executive director at easyJet and a trustee of Tate and Lyle, the company said. She is also set to become a non-executive director of Rio Tinto in the second half of 2018.
Back was a founding member of German Parcel in 1989, which Royal Mail bought 10 years later and rebranded as GLS.
The company also named Sue Whalley as CEO of Royal Mail UK’s Post and Parcels, which covers revenue and operations in Britain except for Parcelforce Worldwide and Royal Mail International. Whalley is now managing director of Royal Mail Letters and Network.