Royal Mail boss departs, as coronavirus hits business

Britain's Royal Mail on Friday said Rico Back had stepped down as chief executive, as the coronavirus heaps more pressure on its core letters business and hikes group costs.

Back, who leaves with immediate effect, had been CEO for less than two years after replacing Moya Greene, who oversaw the group's privatisation.

Royal Mail said it delivered 308 million fewer letters in the five weeks to May 3, down 33 percent from a year earlier. Parcel deliveries jumped 31 percent but this was not enough to offset the slump in letters.

Total revenue from UK parcels, international and letters tumbled by £22 million ($26.5 million, 24.5 million euros) in the reporting period, Royal Mail added in a statement. Costs jumped £40 million.