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(Alliance News) - Royal Mail on Monday set out a new two-headed operational management structure with no group CEO.
The parcel and letter carrier named Non-Executive Director Simon Thompson as chief executive of its UK business, effective immediately. Thomson has been a Royal Mail director since 2017. Prior to that, he was chief product officer for online grocer Ocado Group PLC.
Martin Seidenberg, the head of international arm GLS, will join the board on April 1.
Executive Chair Keith Williams will step back to non-executive chair, and Stuart Simpson, who has been acting as interim CEO of the UK business since last May, will leave, both at the end of January.
Interim Chief Financial Officer Mick Jeavons was named permanent CFO and will join the board immediately.
"We have two excellent leaders in place for each of our businesses, focused on the opportunities which they each have to grow and succeed in the future," said Williams, who stepped in as executive chair when Roco Back resigned as group CEO back in May.
Monday's announcement confirmed a report on Sunday by Sky News.
Royal Mail shares were up 0.4% early Monday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.1% at 6,867.56
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Hang Seng: up 0.1% at 27,908.22
Nikkei 225: Tokyo market closed for holiday
DJIA: closed up 56.84 points, or 0.2%, to 31,097.97
S&P 500: closed up 20.89 points, or 0.6%, to 3,824.68
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GBP: down at USD1.3492 (USD1.3585)
EUR: down at USD1.2184 (USD1.2250)
Gold: down at USD1,845.71 per ounce (USD1,856.00)
Oil (Brent): soft at USD55.20 a barrel (USD55.50)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
Japan Coming of Age Day holiday - financial markets closed
1000 EST US employment trends index
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Senior UK government ministers have discussed the prospect of introducing tighter lockdown controls in an effort to improve compliance with the current rules, according to media reports. The prime minister reportedly spoke with senior ministers on Sunday to evaluate "whether the current lockdown rules were working" in reducing the spike of coronavirus cases, the Daily Telegraph suggested. The newspaper said the UK government was considering scrapping the exemption allowing people to exercise with one other person from outside of their household or support bubble. A government source is said to have told the paper that the allowance was "being used as an excuse for people to go for a coffee in the park with their friends", adding: "It may be we tighten up on things like that." Ministers are also preparing to tell supermarket bosses to get tougher on policing social distancing restrictions and mask wearing in-store, the Times said. People could also be asked to wear face coverings in shop queues and even at work, it was claimed.
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The US House of Representatives will proceed Monday with steps to impeach President Donald Trump, Speaker Nancy Pelosi confirmed Sunday in a letter to Democratic lawmakers. On Monday morning, Pelosi wrote, a resolution is to be tabled calling on Vice President Mike Pence "to convene and mobilize the Cabinet to activate the 25th Amendment to declare the president incapable of executing the duties of his office." "We are calling on the vice president to respond within 24 hours," the Speaker said further. "Next, we will proceed with bringing impeachment legislation to the Floor," Pelosi said. "In protecting our Constitution and our democracy, we will act with urgency, because this president represents an imminent threat to both," she asserted. Earlier on Sunday, US Senator Pat Toomey, a Republican from Pennsylvania, joined the growing number of lawmakers calling on the president to resign in the wake of Wednesday's violence in Washington.
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BROKER RATING CHANGES
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JPMORGAN RESUMES ELEMENTIS WITH 'NEUTRAL' - TARGET 130 PENCE
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CREDIT SUISSE CUTS WEIR GROUP TO 'NEUTRAL' ('OUTPERFORM') - TARGET 2,150 (1,670) PENCE
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COMPANIES - FTSE 100
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JD Sports Fashion said despite lockdown restrictions being put in place for much of the financial year, demand has remained robust throughout the second half. The retailer said total revenue for the twenty two week period to January 2, was more than 5% ahead of the prior year as consumers switched between physical stores and online channels. JD Sports said for the year ending January 30, pretax profit is expected to be significantly ahead of the current market expectations, which average approximately GBP295 million. It is now anticipated that profit for the full year will be at least GBP400 million, it said. The company posted pretax profit of GBP348.5 million in financial 2020. "Looking ahead, it is clear that operational restrictions from the Covid-19 pandemic will also be a material factor through at least the first quarter of the year to 29 January 2022. Whilst we are confident that we have the proposition to continue to attract consumers throughout this period, the process to scale down activity in stores and scale up the digital channels, often at extremely short notice, presents significant challenges," the company said.
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Smith & Nephew said it expects to post a fourth-quarter underlying revenue decline of approximately 7.0%. The medical devices maker said sales were hurt by increased rates of Covid-19 infection from mid-October onwards, particularly in the US and Europe, as surgical procedures unconnected to the pandemic were postponed following the reintroduction of restrictions. Smith & Nephew said annual underlying revenue is expected to have declined by around 12%. The company also reiterated that trading profit margin will be substantially lower year-on-year, with negative operating leverage due to lower volumes partially offset by cost control measures. It posted a trading profit margin of 22.8% in 2019.
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Entain said Chief Executive Officer Shay Segev has given notice of his intention to leave the company to become Co-CEO of sports streaming platform DAZN. Entain said Segev has a notice period of six months and will remain in his current role for that period or until a successor is in place and the process is "well under way to find his successor". "We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised," said Chair Barry Gibson. Entain is a takeover target for US casino operator MGM Resorts International and reiterated its stance that the bid "significantly undervalues the company and its prospects". Segev said: "Entain is in great shape after the successful launch of our new strategy. I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the board's decision to reject their proposal. Entain has a great team of leaders and an exciting future ahead through its growth and sustainability strategy, and I will do all I can to continue to support the company."
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COMPANIES - MAIN MARKET AND AIM
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Iconic footwear brand Dr Martens announced plans for an initial public offering on the London Main Market. The IPO will involve the sale of existing shares by IngreLux and other shareholders and won't see any new shares issued. The IPO will be led by Goldman Sachs and Morgan Stanley as joint global co-ordinators. Dr Martens recorded earnings before interest, tax, depreciation and amortisation of GBP184.5 million in the financial year that ended March 31, 2020 on revenue of GBP672.2 million. IngreLux is a Luxembourg company owned by funds advised by Permira. It bought Dr Martens in 2014.
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Monday's Shareholder Meetings
Premier Foods PLC - GM re capital reduction
Honye Financial Services Ltd - AGM
Equatorial Palm Oil PLC - GM re Capital Metals acquisition and name change
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By Tom Waite; thomaslwaite@alliancenews.com
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