Travel boss to chair Royal Mail
Royal Mail has named Peter Long, joint chief executive of travel giant TUI, as its next chairman.
Mr Long will join the board on June 18 and become chairman on September 1. He will be paid £300,000 a year in the role.
He succeeds current chairman Donald Brydon, who announced his intention to step down earlier this year. Mr Brydon has held the role since 2009, a period that included Royal Mail's controversial privatisation in 2013.
Mr Long was chief executive of Thomson and First Choice owner TUI Travel for seven years until 2014, before overseeing its merger with German parent company TUI AG and becoming joint boss of the larger group.
Plans announced by the company last month will see the well-known Thomson brand disappear after 50 years, together with First Choice.
Mr Long will remain joint chief executive of TUI until the company's annual general meeting next February when he will become chairman of its supervisory board and Fritz Joussen will become sole chief executive.
Royal Mail said the new chairman, with 20 years experience in customer-focused FTSE 100 companies, was appointed following a comprehensive search process.
Chief executive Moya Greene said: "Peter Long brings with him a proven track record in transforming the fortunes of large and complex companies and I look forward to working with him.
"Donald Brydon has led our board through a period of tremendous change at Royal Mail and we are all most grateful for his wisdom and counsel during this key time for our company."
Mr Long said: "Royal Mail is one of the most recognised companies in the United Kingdom and I am delighted to be both joining the board and taking over as chairman in September.
"I look forward to working with Moya Greene and her management team as the group - with a clear focus on its customers - continues its transformation programme, delivers on its strategic objectives and generates long-term sustainable shareholder value."
Last month, Royal Mail reported its annual profits had risen by 6% on an underlying basis to £740 million as a squeeze on costs helped offset a lower-than-expected performance from its parcels business.
But the group warned that the parcels and delivery market remained challenging and pointed to the threat from Amazon's delivery network.