TIDMRMG
RNS Number : 5952G
Royal Mail PLC
07 November 2018
Royal Mail plc
7 November 2018
Board and management changes
The Board of Royal Mail plc (RMG.L 'the Company') announces that
Keith Williams, Chair of the Audit & Risk Committee, is also
being appointed Deputy Chairman with immediate effect. Keith is
increasing his commitment to Royal Mail. He is in the process of
reviewing his external commitments, and any changes will be
announced as required. As Executive Chairman of British Airways
until 2016, Keith has a very strong track record in operational
transformation, digital strategy and industrial relations,
including pensions.
The Group is also revising its executive structure, with changes
in the organisational structure of Post and Parcels UK. After 12
years' service, Sue Whalley, CEO, Post and Parcels UK, and the
Board have agreed that she will leave Royal Mail. She will step
down from the Board with immediate effect and transition her
responsibilities by the end of March 2019. Rico Back, Group CEO,
will assume commercial responsibilities for Post and Parcels -
domestic letters and parcels - alongside his existing Group role
and overall UK strategic responsibility. Operational
responsibilities for Post and Parcels will be taken on by Stuart
Simpson, CFO, and previously Deputy Chief Operating Officer. Sue
will work alongside Stuart Simpson on our Christmas operational
programme and assist the Company with ongoing regulatory, legal and
other matters, as appropriate. Stuart will continue to report to
Rico Back and be supported by a senior operations executive, whose
appointment will be announced in due course.
Sue Whalley was formerly the Company's Regulation and Government
Affairs Director and played a major part in the privatisation
process. She was appointed Chief Operating Officer in 2014 and,
subsequently, CEO, Post and Parcels, Royal Mail UK. Prior to Royal
Mail, Sue was a McKinsey & Company Partner in its London
office.
Les Owen, Chairman, commented: "We are very pleased that Keith
Williams has agreed to increase his commitment to Royal Mail. Keith
is a seasoned business leader, with a range of experience in
regulated, customer-focused industries that we can leverage at
Royal Mail.
"The Board would like to thank Sue Whalley for the significant
contribution she has made to Royal Mail across a whole range of
issues over the last twelve years. She has a strong track record of
driving operational and cultural change, supporting letters, and
implementing digital transformations to support the growth of the
parcels business. We wish her well in the future."
Rico Back, Group Chief Executive Officer, said: "Since Keith
Williams joined us in January 2018, his broad experience has been
very helpful indeed. I am delighted that we will be working even
more closely with him in the future.
"Sue Whalley has worked tirelessly for the company and I have
worked closely with her for a number of years. My executive
colleagues and I very much appreciate the work that she has done
for Royal Mail and the positive change she has brought to many
areas in the business. Sue has all our best wishes for the
future."
Sue Whalley said: "Following all we have done to move the
organisation forward in recent years and to implement change to
position Royal Mail as a leader in e-commerce, now is the time to
move on. I would like to thank the many colleagues - frontline and
management - who have helped me in my time at Royal Mail."
This announcement is made in accordance with Listing Rule 9.6.11
and contains inside information for the purpose of the Market Abuse
Regulation (EU) No 596/2014. In accordance with Section 430(2B) of
the Companies Act 2006, the relevant disclosures will be made in
the Annual Report & Accounts 2018-19.
- ends -
Notes to Editors:
i) Keith Williams
Biography: Keith Williams was appointed to the Board of Royal
Mail on 1 January 2018. He is a highly regarded business leader
with extensive operational and customer service experience. Keith
was Executive Chairman of British Airways, having been appointed in
January 2014 following three years as Chief Executive Officer. Over
a five year period, Keith helped transform British Airways into a
customer focused organisation and was responsible for rebuilding
the company as part of the International Airlines Group. Prior to
joining British Airways, Keith worked for companies including
Reckitt and Colman, Apple Computer Inc., and Boots. He was also an
Executive Board member and Chair of the Audit Committee at
Transport for London until 2016. Keith is a chartered
accountant.
Remuneration: As Deputy Chairman, Keith's current fee as a
Non-Executive Director will remain unchanged at GBP69,000 per
annum. Keith will also continue as the Chair of the Audit and Risk
Committee. He will not participate in any variable remuneration or
benefits arrangements.
ii) Sue Whalley
Biography: Sue Whalley has been a senior executive at Royal Mail
for 12 years. Sue was formerly the Company's Regulation and
Government Affairs Director and played a major part in the
privatisation process. She was appointed Chief Operating Officer in
2014 and, subsequently, CEO, Post and Parcels, Royal Mail UK. Prior
to Royal Mail, Sue was a McKinsey & Company Partner in its
London office.
Remuneration: Sue Whalley's compensation arrangements are in
line with the Company's approved Remuneration Policy.
Salary and Benefits: Sue Whalley will continue to receive full
pay and benefits until 31 March 2019; and payments in lieu of
approximately seven months' basic salary, in monthly instalments
over the remainder of what would have been her contractual 12 month
notice period. The Company also has an explicit policy on
mitigation for payment in lieu of notice. There will be a
requirement for Sue Whalley to immediately disclose any payment
received from alternative employment. Her phased payments in lieu
of notice will be reduced by any earnings from alternative
employment.
Bonus and share awards: Sue Whalley will remain eligible to
receive deferred annual bonus awards that have already been granted
and where no subsequent performance conditions apply. These will
continue to vest according to the normal schedule. It has been
agreed that Sue Whalley will not be eligible for any annual bonus
for 2018-19, were the relevant performance conditions to be met.
All outstanding LTIP awards will lapse with immediate effect. The
table below sets out the relevant number of shares previously
awarded to Sue Whalley under the Company's share plans and the
treatment described above.
Type of Award Outstanding Awards Treatment
2016 - 17 DSBP 48,302 Due to vest in June
2020
------------------- --------------------
2017 - 18 DSBP 40,101 Due to vest in June
2021
------------------- --------------------
2016 LTIP 70,843 Award lapses
------------------- --------------------
2017 LTIP 101,206 Award lapses
------------------- --------------------
2018 LTIP 98,474 Award lapses
------------------- --------------------
Other: Sue will receive a capped contribution of GBP7,000
(excluding VAT) towards legal fees incurred in connection with her
departure; and a capped contribution of GBP50,000 (excluding VAT)
towards outplacement support following her departure.
Further information: The relevant remuneration details relating
to Sue Whalley, including information on the vesting of any
outstanding awards detailed above and the dividend equivalents
payable on them, will be included in the relevant Directors'
Remuneration Report in the Annual Report and Accounts.
For more information, please contact:
Media Relations
Shane O'Riordain
Phone: 07770 544 585
Email: shane.oriordain@royalmail.com
Beth Longcroft
Phone: 07435 768 549
Email: beth.longcroft@royalmail.com
Investor Relations
Catherine Nash
Phone: 020 7449 8183
Email: investorrelations@royalmail.com
Company Secretary
Kulbinder Dosanjh
Phone: 020 7449 8133
Email: cosec@royalmail.com
LEI 213800TCZZU84G8Z2M70
About Royal Mail plc
Royal Mail plc is the parent company of Royal Mail Group
Limited, the leading provider of postal and delivery services in
the UK and the UK's designated universal postal service provider.
UK Parcels, International & Letters (UKPIL) comprises the
company's UK and international parcels and letters delivery
businesses operating under the "Royal Mail" and "Parcelforce
Worldwide" brands. Through the Royal Mail Core Network, the company
delivers a range of parcels and letters products, including the
one-price-goes-anywhere Universal Service products. Royal Mail has
the capability to deliver to more than 30 million addresses in the
UK, six days a week (excluding UK public holidays). Parcelforce
Worldwide operates a separate UK network which collects and
delivers express parcels. Royal Mail also owns General Logistics
Systems (GLS) which covers 41 countries and nation states in Europe
and eight states in the Western U.S. and in Canada. GLS operates
one of the largest ground-based, deferred parcel delivery networks
in Europe.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
BOAFKODKOBDKADK
(END) Dow Jones Newswires
November 07, 2018 02:08 ET (07:08 GMT)
Royal Mail (LSE:RMG)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Royal Mail (LSE:RMG)
Historical Stock Chart
Von Jul 2023 bis Jul 2024