Royal Mail chairman steps down to focus on Countrywide
Royal Mail said on Wednesday that chairman Peter Long has stepped down with immediate effect in order to concentrate on his role as executive chairman at Countrywide.
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Long, who will be succeeded by Les Owen, was appointed chairman in September 2015. However, this year he was bumped up to executive chairman from non-executive chairman at estate agency group Countrywide - a commitment that is expected to remain in place for the foreseeable future.
"On that basis, Peter has reviewed his board appointments and concluded it is no longer possible for him to remain executive chairman of Countrywide and non-executive chairman of Royal Mail," the company said.
Long said: "It is with a heavy heart that I step down from the Royal Mail board. Over my three years as chairman, I have taken great pride in what has been achieved by the group. It is a company with an incredible heritage. Operating in a challenging environment, it is positioning itself well for diversified growth under the leadership of Rico Back and his executive team. I wish all my Royal Mail colleagues every success in the future."
Les Owen, who joined the board in 2010, has been appointed as chairman with immediate effect. He was previously chief executive officer of AXA Sun Life and AXA Asia Pacific Holdings. More recently, he has been a non-executive director of a number of listed companies in the UK, Australia and South Africa.
At 1115 BST, the shares were down 0.3% to 484.20p.