- Push-out Score determined
- After less than two years in the position
- Praise, thanks and good wishes for Back
- Keith Williams taking over in the interim
- Back said 71 words
(exechange) — London, United Kingdom, May 15, 2020 — Rico Back, chief executive of Royal Mail, leaves. As announced by Royal Mail Plc in a news release on Friday, May 15, 2020, Rico Back leaves his post as chief executive officer at the postal service and courier company after less than two years in the role, effective immediately.
Rico Back’s duties as CEO will be taken over in the interim by Keith Williams, most recently Chairman of Royal Mail Plc, as interim Executive Chair.
“Discussions with stakeholders about an accelerated pace of change”
Rico Back’s departure from the CEO post is explained as follows. Royal Mail said: “Keith Williams will assume the role, with immediate effect, of interim Executive Chair to lead discussions with stakeholders about an accelerated pace of change across the business. He is expected to remain in this executive role until a permanent CEO of Royal Mail (UKPIL) is appointed.”
Precise information regarding Rico Back’s future plans was not immediately available.
“Step down”
Royal Mail said: “The Board and Rico Back have agreed he will step down as Group CEO, and from the Group Board, with immediate effect.”
Royal Mail further said: “The Board and Rico Back have agreed he will step down as Group CEO and from the Group Board with immediate effect, and leave Royal Mail on 15 August 2020.”
Share price decline
The announcement follows a decline in Royal Mail Plc’s share price of 66% since June 2018.
In the position of CEO since 2018
Rico Back became CEO of the Company in 2018.
Rico Back started his career in Royal Mail’s parcels operation, General Logistics Systems (GLS) in 1989, which he developed into a leading European-wide parcels company with subsidiaries in the US and Canada.
In 2016 he became responsible for the entirety of Royal Mail Group’s parcels and international business and was appointed to Royal Mail’s Chief Executive Committee.
He was appointed Group CEO in June 2018.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Royal Mail and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2020 ($).