Royal Mail appoints second chairman in just six months after tumultuous year

Royal Mail has appointed new chairman for the second time in just six months as his deputy steps into the role.

British Airways veteran Keith Williams – who worked as chief executive, head of finance and executive chairman at the carrier – will take on the job from 22 May, the company announced.

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He takes over from Les Owen who only stepped into the position in September when Peter Long stepped down after a massive shareholder revolt.

The company’s investors objected to chief executive Rico Back’s £2.7m salary in a year when share prices had struggled.

Owen, who joined the board in 2010, would be considered a non-independent director if he stayed for more than nine years.

Royal Mail said they never expected Owen to stay as chairman for more than 12 to 18 months.

He has overseen a rough time for the company’s shareholders. Just over a week after he took over Royal Mail’s share price plunged 18 per cent in a day as it warned on profits.

Since then shares have fallen a further 36 per cent.

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Owen said: “As we previously communicated, my tenure as Chairman was planned to be for a limited period only. I am delighted with the announcement that Keith will succeed me in May.

“Over the next two months, we will work closely together to ensure that our management team are fully supported as they address the challenges we face in the UK letters and parcels business. Keith is well known to our management, provides continuity, and has in his time on the Board developed a deep understanding of our business and its priorities.”