Simon Thompson gone

[Martin Walsh]

Message from Simon Thompson

Team,

Royal Mail has been a big part of my life for more than five years, both as a Non-Executive Director, and as CEO.

So writing this is not easy, but I want you to be the first to know that, after much thought, I have informed the Board of my intention to step down as CEO of Royal Mail. Following the negotiators’ agreement between Royal Mail and the CWU, it is the right time for the company to move forward under new leadership.

I have been incredibly proud to lead Royal Mail during this crucial period in its 507-year history.

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.

That is what I have always wanted.

It is now the right time to hand over to a new CEO to deliver the next stage of the company's reinvention. The Board is in advanced stages of appointing a new CEO, and I have agreed to remain with the business until 31 October as part of the transition. The Chairman, Keith Williams, will be providing additional oversight and support alongside Board colleagues through this period, and a further announcement will be made in due course.

I have met fantastic people on visits throughout the company, and what we do every day to people connected up and down the country is truly amazing. So, thank you. For all that you do.

Royal Mail matters. It matters to you, it matters to our customers, and it will always matter to me.

Simon

[Ddarko85]

The damage has already been done. The state of my office is unbelievable.

[pieoftheday]

Message from Simon Thompson

Team,

Royal Mail has been a big part of my life for more than five years, both as a Non-Executive Director, and as CEO.

So writing this is not easy, but I want you to be the first to know that, after much thought, I have informed the Board of my intention to step down as CEO of Royal Mail. Following the negotiators’ agreement between Royal Mail and the CWU, it is the right time for the company to move forward under new leadership.

I have been incredibly proud to lead Royal Mail during this crucial period in its 507-year history.

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.

That is what I have always wanted.

It is now the right time to hand over to a new CEO to deliver the next stage of the company's reinvention. The Board is in advanced stages of appointing a new CEO, and I have agreed to remain with the business until 31 October as part of the transition. The Chairman, Keith Williams, will be providing additional oversight and support alongside Board colleagues through this period, and a further announcement will be made in due course.

I have met fantastic people on visits throughout the company, and what we do every day to people connected up and down the country is truly amazing. So, thank you. For all that you do.

Royal Mail matters. It matters to you, it matters to our customers, and it will always matter to me.

Simon

Proud? Matters? Sickening

[toonshola]

No surprise. Let’s hope they don’t look to promote from within. My money is on Grant McPherson, apparently he’s the shithouse who is promoting this “our business to run” bullying mantra.
Whoever it is though there is no doubt they will continue to ruthlessly carry out the boards race to an EVRI style delivery company at pace.
It’s pretty standard for CEOs to be brought in and out of businesses , a bit like premier league football managers. Watch the CWU pat themselves on the back over this though as if it’s all their doing.

[Shadedpostie]

Alright,and this changes nothing? The whole board has to go and from how they've been acting recently, so should Ward and Co. Fresh meat for new step forward I'd say is needed on both sides. Egos have gotten in the way of this dispute and workers have paid the price for it.

[SSkUNkY]

One scumbag leaves another will replace him.

[redlen]

He was made CEO to do a specific job, and done that.

Nothing more to be said

[Slim2none]

"what we do every day to people connected up and down the country is truly amazing"

It certainly is Simon! Every day you seem to find something new "to do to people"!

So glad that Keith is staying put and that you will both be handling the change over...so... that'll be a s***show then.

[woofwoof]

No mention of this

The Remuneration Committee determined that the following arrangements agreed with Simon Thompson are fair and reasonable, consistent with the Group Directors' Remuneration Policy and in line with Simon's contractual entitlements:

· Simon will continue to receive his normal salary and benefits until 31 October 2023.

· Following this, he will receive seven monthly payments, totalling £289,415.21, which represents six months and twelve days' pay in lieu of notice. These payments will be reduced by any alternative paid employment that he receives.

· He will be eligible for any 2023-24 bonus under the Short Term Incentive Plan for 2023/24, time pro-rated for active service, should one be paid. Any bonus would be at the discretion of the Remuneration Committee including their assessment of UK performance at the end of the current financial year.

· Simon will be conferred eligible leaver status in relation to one unvested Deferred Share Bonus Plan (DSBP) award, awarded in July 2022 (16,254 shares), relating to performance year 2021-22 and due to vest in July 2025.

· Simon's unvested Royal Mail Royal Mail Long-Term Incentive Plan (LTIP) awards will lapse.

· Consistent with the Group Directors' Remuneration Policy, there will be a requirement to hold shares (worth up to two times salary) for two years following termination. This holding requirement will apply to shares that subsequently vest under his DSBP award.

· Simon will receive a capped contribution of up to £17,500 (plus VAT) towards legal fees incurred in connection with his departure and a capped contribution of up to £50,000 (plus VAT) towards outplacement support.

· There are no further remuneration payments in connection with his cessation as a director or payments for loss of office.

This information is being provided in accordance with section 430(2B) Companies Act 2006

[timbo1234]

He was made CEO to do a specific job, and done that.

Nothing more to be said

Totally agree.

[nutcracker]

Need some of the cwu leadership to do the honourable thing next, some shocking levels of incompetence during this ongoing dispute

[Beanyjazz]

Why is the news acting like this deal is going to be accepted? I'm 95% it'll be a massive NO.

CEO gets worse every time from Green to Black to Thompson so expect another clown in charge.

Ward might as well go with Thompson now they're best buddies.

[Leftwing11]

No surprise. Let’s hope they don’t look to promote from within. My money is on Grant McPherson, apparently he’s the shithouse who is promoting this “our business to run” bullying mantra.
Whoever it is though there is no doubt they will continue to ruthlessly carry out the boards race to an EVRI style delivery company at pace.
It’s pretty standard for CEOs to be brought in and out of businesses , a bit like premier league football managers. Watch the CWU pat themselves on the back over this though as if it’s all their doing.
[/

Indeed !

[Judgee]

Maybe he'll change his mind when the deal gets kicked out and he'll want to come back to throw more s**t at us!

[CRIBMAD]

shove your 'team' up your arse ! you came in wrecked the company and leave with a mega pay off and bonus - no money my arse VOTE NO !!!!!!!!!!