25th Nov 2015 07:43
LONDON (Alliance News) - UK Mail Group PLC on Wednesday said its chief executive has stepped down by mutual agreement with immediate effect, a move that comes after the group downgraded its 2016 expectations following continued problems with its new distribution hub.
UK Mail said Guy Buswell will leave the company with immediate effect and said a search for a successor has been started. Peter Kane, the company's non-executive chairman, will become interim executive chairman in the meantime.
Last week, UK Mail said the time it will take to resolve the problems in its Parcels division, which has been hit by issues with a new distribution hub, will hurt its outlook for 2016, having already issued a profit warning for 2015 for the same reasons.
By Sam Unsted; [email protected]; @SamUAtAlliance
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