News

Vennells to leave Post Office

19 February 2019

Post Office last night (18 February) announced that Group Chief Executive Paula Vennells CBE is to step down to take up the role of Chair of Imperial College Healthcare NHS Trust.

Vennells joined the Post Office in 2007 and became its chief executive on separation from Royal Mail in 2012.

According to PO, “she has led a dramatic turnaround of the business. Losses of £120m in 2012/13 have been transformed to £35m profit in 2017/18, with a target of £50m this year. 7,500 branches have been modernised with longer opening hours, and the network of Post Office branches is at its most stable for 25 years.”

Post Office chairman Tim Parker said: “Paula has served the Post Office with great distinction: under her leadership the business has been transformed from an organisation making substantial losses into one that is now fully profitable and on an upwards trajectory. Most importantly, this has been achieved alongside improved services for our customers. Paula has led a fundamental modernisation of our branch network, the creation of Post Office Money, the development of “Everyday Banking” so customers and businesses can access their usual bank accounts in every Post Office and of our identity, digital and insurance businesses and many other important initiatives.

“In the course of radically improving the business, Paula has ensured that the Post Office values of care, challenge and commitment are deeply embedded in the business and we have remained true to our underlying mission as a commercial business with a social purpose. I would also like to say on a personal note, that Paula’s decisiveness, approachability and calm disposition have made her an excellent CEO to work with, and have won her many friends right across the business.”

Vennells said: “I shall miss the Post Office – especially the colleagues in our branches who give so much to serve our customers. At the same time I am excited about moving into the NHS, and my new challenges at Imperial College Healthcare NHS Trust and Cabinet Office, roles I will combine with my Board role at Morrisons and others in the future. In the meantime I will enjoy my final few weeks at the Post Office – we have achieved so much but there is still more to do!”

More on this story in the March issue of The SubPostmaster.