Royal Mail boss jumps ship after Czech takeover
In a move that caught the business world by surprise, Emma Gilthorpe left having been appointed chief executive a little over a year ago.
The former Heathrow director will be replaced on an interim basis by chief operating officer Alistair Cochrane.
Her departure comes after Royal Mail's parent company International Distribution Services (IDS) was bought by Czech billionaire Daniel Kretinsky for £3.6billion.
The energy tycoon nicknamed the 'Czech Sphinx' for his inscrutable approach to business decisions swooped on the firm last year in a move that prompted outrage from politicians and businesses.
The controversial deal, which was approved by 80 per cent of shareholders, saw the postal service fall into overseas ownership for the first time since it was established by Henry VIII in 1516.
IDS chairman Keith Williams and the rest of the board stepped down as planned when the firm delisted from the London Stock Exchange in May.
But IDS chief executive Martin Seidenberg and finance chief Michael Snape will stay in their roles.
The company had not publicly confirmed whether Gilthorpe, 55, would continue to lead Royal Mail under its new owner. Dan Coatsworth, investment analyst at AJ Bell, said: 'A new owner means a different way of thinking and that normally includes a fresh sweep in the boardroom.
'Daniel Kretinsky is a brave man for wanting to own Royal Mail as it comes with a multitude of challenges. He'll already have a firm idea how to fix it and he'll want to parachute his own choice of leader into the company.
'Gilthorpe might have come to the conclusion that if she did not leave of her own free will now, it was inevitable that she would have been pushed out later on.'
As part of the deal, Kretinsky agreed to a series of conditions to secure approval from ministers. The Government will retain a 'golden share' in the business. This means any changes to Royal Mail's ownership, tax residency or where its headquarters are based will need ministers' approval.
Kretinsky, 49, must also retain the Universal Service Obligation (USO), which guarantees a first-class postal service to anywhere in the UK for a fixed price six days a week.
But these rules are set to be changed by the regulator Ofcom, which has proposed cutting second-class deliveries to every other working day.
Gilthorpe said yesterday she 'will always be incredibly proud to have led Royal Mail', adding: 'I look forward to seeing Royal Mail continue to transform in the years ahead.'
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