Royal Mail CFO Matthew Lester to step down

Matthew Lester will step down as chief finance officer of Royal Mail following the company’s annual general meeting in July next year.

Lester – who joined the group as CFO in autumn 2010 – is staying on beyond his contractual notice period to enable an orderly succession.

Royal Mail said it will initiate a process to appoint his successor and will consider both internal and external candidates.

Chief executive officer Moya Greene, with whom Lester worked closely during a period of major change pre and post privatisation, said: “It has been my pleasure to work closely with Matthew during one of the most transformative periods in Royal Mail's history.

“He leaves our company stronger and better placed to build upon its leading position in UK letters and parcels. I look forward to continuing to work closely with Matthew until next summer. It has been an outstanding partnership."

At 1227 GMT, Royal Mail shares were up 0.2% to 455.90p.