Royal Mail (LON:RMG) has announced that its chief executive officer, Moya Greene, will retire in September, to be replaced by the boss of the group’s general logistics systems business.

Rico Back will replace Greene as chief executive from the 1st June, with Greene stepping down from the board on 19th July.

Greene has led Royal Mail for the past eight years, with Royal Mail saying in a statement that she is leaving to “pursue a range of other interests, including developing her portfolio career”.

Greene is also a non-executive at easyJet, a trustee of Tate and is set to become a non-executive director of Rio Tinto in the second half of 2018.

At the same time, Royal Mail announced the appointment of COO Sue Whalley to the position of chief executive of post and parcels.

Royal Mail shares are largely unchanged on the news, currently trading up 0.11 percent at 563.60 (0839GMT).