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.