Royal Mail CFO Matthew Lester leaves

  • Signs for push-out forces
  • After almost seven years on the job
  • Laud, praise and thanks for Lester
  • Search for a successor

(management-change.com) — London, United Kingdom, December 20, 2016 — Matthew Lester, finance chief of Royal Mail, leaves. His departure is made public at an early stage. As announced by Royal Mail plc in a regulatory filing published on Tuesday, December 20, 2016, Matthew Lester leaves the post as Chief Financial Officer at the postal service company in the United Kingdom in a surprising move after almost seven years on the job, effective following the Company’s Annual General Meeting in July 2017.

Royal Mail will undertake a search for a successor.

No reason given

In the announcement, Royal Mail did not explicitly explain the reason for Lester’s move, leaving room for speculation.

“Step down”

Royal Mail said: “Matthew Lester has today informed the Board of Royal Mail plc … of his intention to step down as Chief Finance Officer (CFO) of Royal Mail plc (RMG.L) and leave the Board following the Company’s Annual General Meeting in July 2017. He will not be standing for re-election at that time.”

Precise information about the future plans of Lester was not immediately available.

Chaired by Peter Long

Royal Mail plc is chaired by Peter Long.

Peter James Long has been Executive Director of TUI Travel PLC since June 28, 2007.

Moya Greene serves as CEO of Royal Mail plc. Greene has been the Chief Executive Officer of Royal Mail PLC since July 2010.

On the job as CFO since 2010

Lester has been the Chief Financial Officer of Royal Mail plc since October 2010.

Lester served as a Group Finance Director at ICAP plc. until November 17, 2010.

Lester served for Diageo plc. since 1996 and served as its Group Financial Controller, where he was responsible, as a Head of Financial Planning and Reporting, for the overall performance management of Diageo and all external reporting.

He worked at Kleinwort Benson since 1988.

He has been an Independent Non Executive Director at Man Group plc since May 5, 2011.

Lester qualified with Arthur Andersen in 1987 as a Chartered Accountant.

Unplanned

Generally speaking, when a top leader announces to step down with no successor in place, it is a signal that the change was unexpected and too early.

Generally speaking, potential causes for an unplanned change may be, among others, disagreement or surprising new career opportunities.

Signs for push-out forces

It is not completely certain what forces eventually triggered Matthew Lester’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 48.2016 ($).