Royal Mail promotes Stuart Simpson to role of CFO

Simpson will succeed Matthew Lester, who informed the board of his intention to step down following the 2017 annual general meeting. He will report to chief executive officer Moya Greene and will take up the new post at the conclusion of the AGM in July.

Simpson joined the company in 2009 and was appointed director of group finance in July 2105. Prior to this, he was deputy chief operations officer and has been a member of the Chief Executive's Committee since 2014. He has also held senior operational and finance positions within Royal Mail's core UK business.

Before joining the company, he held senior roles in the automotive industry in both finance and strategy, based in the UK and internationally.

Greene said: "He brings a very detailed knowledge of our business to this key role, which he has developed over eight years working both at the group level and in our core UK operations. This will prove invaluable as he works with me to transform Royal Mail. Over the past three years, he has been instrumental in driving performance particularly in the core business. His combination of financial and operational experience makes him an excellent addition to the board."

At 1240 BST, the shares were down 0.4% to 428.40p.