Royal Mail boss Moya Greene announces retirement plans leaving one fewer female FTSE 100 CEO

Greene's replacement has already been confirmed by the group

The group's chief exec was in the role for eight years (REUTERS)

Royal Mail chief executive Moya Greene will retire next in September after more than eight years in the role, the company announced on Friday.

Ms Greene will stand down from the board at the group’s AGM on 19 July, and will remain at the firm to provide advice and counsel until 14 September.

She will be replaced by Rico Back, currently CEO of Royal Mail’s European subsidiary General Logistics Systems, and has been a senior executive within the group for 18 years.

Royal Mail said Ms Greene will “pursue a range of other interests, including developing her portfolio career” following her departure.

“It has been my pleasure and a great privilege to serve as CEO of this cherished UK institution. I am proud of what we have achieved over the last eight years. It is very pleasing to note that around 20 per cent of this company is owned by our employees and retail shareholders,” said Ms Greene.

Her departure will take the number of female FTSE 100 chief execs to five.

Peter Long, Royal Mail’s chairman, said: “Royal Mail was highly fortunate to recruit Moya, given her direct experience, strategic vision, drive and proven track record across a range of industry sectors.

"When Moya joined in the summer of 2010, the Company was balance sheet insolvent. Since then, Royal Mail has been transformed, including our privatisation in 2013 and two significant, ground-breaking agreements with the CWU.

“Alongside the strong financial position Moya has secured for the company, we have invested over £1.5bn in our UK operation in recent years. We are one of the most favourably viewed brands in the UK.”

Royal Mail shares edged up at the open.