Member Info for OliGarch

Mad, I don't think that Sue Whalley would be CEO material but she was an excellent second in command to Moya Greene, who on reflection was a hell of a lot better than Rico.

Scamp, I cannot believe that someone with Rico's arrogance would have stepped down voluntarily so my take on the situation is that he was forced to step down. In my opinion, the people who reach the highest levels in business do not get there by being meek or nice.
Is it possible that several of the large investors got together and forced the issue? Is it possible that there is another (personal/health) reason that he stepped down?

Red, when Rico took over from Moya in the autumn of 2018, he had been a Royal Mail employee for almost 19 years. Prior to that he had been the CEO of the company that he founded. He knew what he was taking on with the decline in letters and the CWU and his strategy was a huge gamble. Any mental stress that he has incurred is purely of his own making.
Similarly, the incoming CEO will now also know the mistakes of his or her predecessor and should be able to navigate a less turbulent passage. Failure to learn lessons of the past will certainly be self inflicted. All IMHO of course.

Dale's, why would the CWU purchase RM? Why do you assume that if they did that they would mess it up? That's the CEOs purpose...lol

"You make me feel like dancing"
Leo Sayer

Now that Rico is leaving, I wonder if he will try to buy back his baby (GLS) from RM?
Just a thought.

MrNation, the SP was £4.77 when Rico took control in October 2018. It hasn't been over £3 since December 2018. I would like to think that £2.50 may be possible by the end of the year but there's a lot of work to do. With Rico out of the picture there is now a great opportunity for good dialogue between RM and the CWU which will give the market confidence and hopefully see the SP rise? All IMHO of course.

Plus we gave him a £6m "Golden Hello" only 18 months ago. Rico has been a very expensive acquisition (even though he was already an existing employee).
He is the David Moyes of the post and parcel industry.

Wolves, most of the losses from the mid 1990s to early 2000s were down to the Horizon system used by Post Office Counters Ltd. Even the taxpayer had to stump up £700m.

Well, everyone seemed to take heart from Rico's departure as the SP went up 13.6p (8.38%) today.
Maybe if the entire BoD resign en bloc next week it will get to MrNation's coveted £2...lol
Goodbye Rico. You can borrow my lawnmower.....NOT!!!

Wolves, RM have been making an operation profit for at least the last 13 years including taking out the "Chancellor's cut" and any transformation costs.
For instance;
2009 = £101m
2010 = £147m
2011 = £18m
2012 = £152m

Wolves, before privatisation, Royal Mail and Post Office Counters Ltd posted decent profits year on year even when it was forced to fork out a fair share towards the horrid Horizon project in the late '90s.

Pieface, you posted "No matter who is at the helm RM needs radical changes because the current business model is unsustainable".
People have short memories.
Prior to privatisation, RM were always one of the treasury's "cash cows". RM had to yield quite a bit of profit to The Chancellor of the Exchequer before it started making any money for it's own needs. Since privatisation RM have given £1.35bn to it's shareholders and Rico had to ask for a loan of £1.8bn for transformation?

Now TP is going to have to talk to SS.
https://youtu.be/LlALX5mBjQg

https://youtu.be/K2JwEjYGykw

The man was a "car crash" from start to finish and it's not as though he could use the excuse that he was new to the job as he had been a Royal Mail employee since 1999 so he was able to hit the ground running.
He was arrogant and took the company's best asset (the workforce) for granted. He won't be missed!

Looks like someone has changed his Wikipedia page already?

https://en.m.wikipedia.org/wiki/Rico_Back
Rico Back (born 1954) is a German businessman and was the CEO at Royal Mail from June 2018 till May 2020. Rico back tried to destroy a great British business by making his whole time as a CEO there a cost cutting exercise. He tried to take away the USO and create a parcel company, the British public rely on Royal Mail to provide a great service to them, not only that, sometimes the only person someone sees all day is their post person, the postie is someone the public have come to know and love.

I'm assuming that Rico's £1.8bn, five year plan is still going ahead? Hopefully we will get an update on this from Stuart Simpson soon??

Rico's garden must be quite big?
Remuneration: Rico Back will be on garden leave until 15 August 2020. During this period, he will receive his salary and benefits. Following this Rico Back will receive 9 equal monthly payments, totaling £480,000, which represents 9 months' pay in lieu of notice. These payments will be reduced by any alternative paid employment that Rico Back receives.