May 15 Britain's Royal Mail on Monday named
internal candidate Stuart Simpson as its next chief finance
officer, promoting its director of group finance to the post
that will be vacated by outgoing head Matthew Lester later this
The former postal monopoly said Simpson, who has held
various senior operational and finance positions since joining
Royal Mail in 2009, would step into the role at the close of its
annual general meeting on July 20.
The appointment comes as Royal Mail has seen a worsening of
conditions in its core business of delivering letters, where
volumes have declined, and continues to see stiff competition in
its parcels business.
The company is also embroiled in talks with unions over
plans to close its defined benefit pension scheme at the end of
March 2018 after finding that it would have to double annual
contributions to over 1 billion pounds to keep it running.
Royal Mail said Simpson had been selected after a detailed
review of internal and external candidates as he could help
drive the company's transformation.
"Over the past three years, (Simpson) has been instrumental
in driving performance particularly in the core business," Chief
Executive Moya Greene said in a statement.
"He brings a very detailed knowledge of our business to this
key role ... This will prove invaluable as he works with me to
transform Royal Mail."
Late last year, Lester announced his intention to quit after
more than six years. At that point, the firm did not give a
reason for the planned departure.
Royal Mail is scheduled to report its full-year results on
(Reporting by Esha Vaish in Bengaluru, editing by David Evans)