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Share Price: 320.40

Bid: 320.80

Ask: 321.20

Change: -1.80 (-0.56%)

Spread: 0.40 (0.125%)

Open: 323.80

High: 324.80

Low: 318.80

Prev. Close: 322.20

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TOP NEWS: IDS unit Royal Mail says CEO Thompson to resign in October

Fri, 12th May 2023 11:51

(Alliance News) - International Distributions Services PLC on Friday said that Royal Mail Chief Executive Officer Simon Thompson has notified the company that he will step down from his role at the end of October.

The official announcement confirms a Sky News report from Tuesday, which stated that Thompson was due to resign after lawmakers criticised the former state-monopoly's performance, which has been hit by mass strikes.

The postal service has been blighted by recent industrial action, with thousands of workers protesting over wages failing to keep pace with soaring inflation, AFP reported Tuesday.

Parent IDS is a London-based postal and delivery holding company, which also owns GLS.

Thompson has been Royal Mail CEO since January 2021, having joined the company as a non-executive director in 2017. The company is in advanced stages of appointing a new CEO, it said.

International Distribution Services shares were 1.5% lower at 227.88 pence each in London on Friday morning.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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