- Royal Mail said chief executive Rico Back had stood down with immediate effect, having only taken up the role in June 2018.

No explanation was provided for Back's departure, with chairman Keith Williams only saying that he had made a 'significant contribution to the evolution' of the business.

Back had also 'recognised the urgent need for change to create a sustainable business for the future', Williams said.

In a trading update, Royal Mail said revenue in its UK parcels and letters division had fallen £22m in April, while costs in the division had risen £40m.

The cost increase was pinned on 'overtime and agency resource costs due to high levels of absence, the introduction of social distancing measures and personal protective equipment'.

Williams had taken on the role of executive chairman, while the company sought a replacement for Back, who said it had been 'a privilege to lead a company that is so much a part of UK life at this crucial time in its history'.

Chief financial officer Stuart Simpson had been appointed interim CEO of Royal Mail's UK parcels and letters business.

At 8:50am: [LON:RMG] Royal Mail PLC share price was -2.35p at 160p

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