The chairman of Royal Mail (LON: RMG) is stepping down to focus on at the estate agent Countrywide (LON: CWD).
Peter Long announced that it was not possible to continue his role of chairman for both group’s and will be replaced by Royal Mail board member Les Owen.
The Royal Mail said in a statement: “Peter has reviewed his board appointments and concluded it is no longer possible for him to remain executive chairman of Countrywide and non-executive chairman of Royal Mail.”
Countrywide has been struggling amid the slower housing market and increased competition from online competitors, such as Purplebricks. The group’s share price has plunged 90 percent over the past two years.
Long said: “It is with a heavy heart that I step down from the Royal Mail board. Over my three years as chairman, I have taken great pride in what has been achieved by the group.”
On the appointment of Own, Royal Mail said: “Les’s deep knowledge of our business means he is very well-placed to be our chairman. He brings continuity to the role. Of course, we are aware of the requirements of the UK corporate governance code. At present the board envisages Les remaining as chair for 12 to 18 months, which will give us plenty of time to refresh skills on the board and line up Les’s successor.”
Shares in the group dipped on the news by 1.2 percent and are currently trading down 1.92 percent at 476,30 (1554GMT).
Shares in Countrywide are trading down 0.37 percent at 10,90 (1554GMT).