Royal Mail confirms Simon Thompson to step down as CEO

Royal Mail boss Simon Thompson is to step down, ending a turbulent two-year stint at the helm of the postal operator.

The well flagged departure was confirmed by Royal Mail owner, International Distributions Services PLC (LSE:IDS), in a statement.

IDS said Thompson “believes that, following the negotiators’ agreement between Royal Mail and the CWU, it is the right time for the company to move forward under new leadership.”

The firm is in “advanced stages” of appointing a new CEO, and Thompson has agreed to remain with the business until 31 October 2023 as part of the transition.

Simon Thompson joined the company as a non-executive Director in 2017 and was appointed as CEO of Royal Mail in January 2021.

But his tenure has not been smooth sailing. He was criticised by the unions for his handling of pay talks and accused “incompetence or cluelessness” by MPs on the business committee after appearing before them in January and being recalled over questions about his evidence. 

But confirming his departure Thompson was defiant. “The changes we have made, the infrastructure we have put in place, and the agreements negotiated with our trade unions mean that Royal Mail now has a chance to compete and grow.”