Royal Mail CFO to step down

ROYAL MAIL chief financial officer Matthew Lester is to leave the now publicly-listed company next summer, after steering the company’s finances through its controversial initial public offering.

Lester, who will leave next July after the company’s annual general meeting, said he would not stand for re-election to the board. The CFO said he was “open-minded” about his next move.

He joined the Royal Mail as CFO in autumn 2010, working closely with CEO Moya Green ahead of the public listing. The company has not yet begun a search for his successor.

Lester said: “I have enjoyed my six or so years here a great deal. I am grateful for the wonderful support I have had from the board and senior management team, in particular Moya Greene, and now it is time for a change.”

The Royal Mail’s flotation was steeped in controversy when the state-run business listed in 2014 because critics argued that then business secretary Vince Cable could have pushed for a higher share price and sold to long-term investors, rather than hedge funds.

A National Audit Office report following the float showed that of the 16 priority investors, half had sold their shares within weeks of the flotation.

Shares in the FTSE 100 company fell last month after it reported a dip in half-year profits and raised its target for cost savings.

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