Royal Mail share price steady as group mulls change at the top

[TrueBlueTerrier]

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A German parcels expert is being lined up to take the top job at Royal Mail Group (LON:RMG), The Times has revealed. The news comes ahead of the company’s full-year results next week.

Royal Mail’s share price has been steady in early morning trade, having added 0.04 percent to 495.00p as of 08:12 BST. The shares are slightly underperforming the benchmark FTSE 100 index which is currently 0.38 percent better off at 6,148.77 points. Royal Mail’s shares have gained some three percent over the past year and are up more than 11 percent in the year-to-date.

The Times reported that an unpublicised internal restructuring of the group at the behest of Royal Mail’s new chair Peter Long had handed Rico Back, hitherto the head of the group’s European business, unprecedented authority across all its parcel operations: UK domestic, continental and worldwide delivery. The new role puts Back in a management position over and above the present management of Royal Mail’s UK parcels business as well as the group’s Parcelforce Worldwide division.

ources told the newspaper that Back, a well-regarded executive who has been chief executive of Royal Mail’s consistently profitable GLS company in Europe, is being positioned to take the top job at the company amid speculation that the Royal Mail’s current CEO Moya Greene could call time on her six-year tenure in charge sooner rather than later. Greene is understood to have been on the lookout for non-executive directorships.

“Parcels is what will power this business in the future,” The Times quoted one insider as saying. “Putting Rico in charge across the group tells you everything.”

Royal Mail is scheduled to post its full-year results on May 19.
As of 08:50 BST, Monday, 09 May, Royal Mail share price is 494.40p.

[pants123]

Something needs to change......

I just hope its for the better... and treat people as a valuable asset... reward you well.... and not as dog s h i t..

[borgpicard]

Another bloody foriegner ?, are there not British managers ??, beyond a joke.

[CAMPINGBLUNDERER]

Privatised companies do not bring in new managers to make the staffs life better only to increase the dividends to shareholders.

[pants123]

Privatised companies do not bring in new managers to make the staffs life better only to increase the dividends to shareholders.

Ye i get it....

All that matters is bits of paper.. money to the share holder.... diabolical greed.... at the expense of beating the s h i t out of you until you drop... then throw you in a skip...


The higher up the managment level the more brutal they manage..

[apple]

was this guy in charge of GLS when they got done for price fixing?