Royal Mail’s (RMG) Moya Greene is the twelfth chief executive officer of a blue-chip firm to be replaced this year as it focuses on transformational changes to boost profitability.
Other companies that have replaced their top brass include GKN (GKN) and broadcaster ITV (ITV), which nabbed Carolyn McCall from EasyJet (EZJ) to help turn around its business.
High street bank HSBC (HSBA), wound specialist Smith & Nephew (SN.) and London Stock Exchange (LSE) are also among those who have replaced their CEOs.
Greene will retire from Royal Mail later this year and will pursue other interests including non-executive director positions at EasyJet and Rio Tinto (RIO).
Rico Back will take over from Greene at Royal Mail, stepping up from his current job running the company’s European subsidiary General Logistics Systems, which is enjoying a strong performance and delivering encouraging sales growth.
‘Greene has been at the top of the delivery group for nearly eight years, a period in which the business was privatised, expanded its interests outside of the UK and faced a sharp increase in competition on the parcels delivery side,’ says AJ Bell’s Russ Mould.
The investment director argues productivity improvements are essential if Royal Mail hopes to outwit its rivals and drive earnings higher.
Shares in Royal Mail have accelerated 13.6% to 564p since achieving a pensions and pay breakthrough in February with The Communication Workers Union.
