Portugal Colonial - Royal Mail CEO to depart after delivery failures: report

Chief executive Simon Thompson is in advanced talks to leave one of Britain's largest private-sector companies after a turbulent two years at the helm, it said.

Royal Mail parent International Distributions Services could confirm his departure this week, Sky added.

It comes after UK lawmakers in March concluded that Royal Mail has "systemically failed" to meet its postal-delivery requirement.

The company is obliged to deliver letters six days a week across Britain in a one-price-goes-anywhere postal service.

Set up more than 500 years ago, Royal Mail has experienced much turbulence since its privatisation in 2013.

It was boosted during the pandemic lockdowns by a high volume of parcel orders but this has since fallen sharply.

The company has meanwhile been blighted by recent industrial action with thousands of workers protesting over wages failing to keep pace with soaring inflation.

Royal Mail finally agreed a deal with union bosses in April, which includes a 10-percent pay rise for staff over three years.

Britain's annual inflation rate remains stubbornly above 10 percent, prolonging a cost-of-living crisis for millions of people.

International Distributions Services suffered an operating loss of £300 million in the nine months to December, after taking a vast hit from the strikes.

The London-listed group publishes annual results on May 18.

Last month saw Royal Mail's launch of postage stamps featuring the image of King Charles III, following his ascension to the throne in September and ahead of his coronation at the weekend.

F.Santana--PC