Emma Gilthorpe’s brief tenure as chief executive of Royal Mail came to an unexpected end in June 2025, just weeks after the company’s parent group, International Distribution Services (IDS), was acquired by Czech billionaire Daniel Kretinsky in a £3.6 billion deal. Her departure marks the first major leadership change since the historic takeover, which saw the 509-year-old postal service fall into foreign ownership for the first time since its founding by Henry VIII in 1516.
Gilthorpe, who joined Royal Mail in April 2024 after a long stint as chief operating officer at Heathrow Airport, stepped down amid a period of intense transformation and uncertainty for the iconic British institution. Sources close to the business described her role as having "not worked out," though company insiders stressed her exit was not connected to recent regulatory criticisms concerning Royal Mail’s service changes.
She will be succeeded on an interim basis by Alistair Cochrane, Royal Mail’s chief operating officer, who brings a wealth of logistics experience from his previous leadership roles at Whistl, TNT Express, and Parcelforce Worldwide. Cochrane’s appointment makes him the sixth leader of Royal Mail in seven years, underscoring the company’s ongoing leadership volatility amid operational challenges.
Martin Seidenberg, CEO of IDS, the parent company, paid tribute to Gilthorpe’s efforts, stating, "Emma has worked tirelessly to drive forward Royal Mail’s transformation and I would like to extend my personal thanks to her for the significant contribution she has made to the company." He welcomed Cochrane’s promotion, calling him an "exceptional leader" with deep sector knowledge and experience within Royal Mail and Parcelforce.
Gilthorpe herself expressed pride in her time at Royal Mail, saying, "I will always be incredibly proud to have led Royal Mail and I would like to thank all 130,000 colleagues for their support as we worked together to deliver our ambitious transformation programme. I look forward to seeing Royal Mail continue to transform in the years ahead, ensuring a stronger and more sustainable future for this great British company."
The timing of Gilthorpe’s departure is particularly notable given the recent shake-up at IDS following Kretinsky’s takeover. Earlier in June 2025, a number of IDS non-executive directors, including chairman Keith Williams, stepped down as the company delisted from the London Stock Exchange. Meanwhile, Seidenberg and finance chief Michael Snape remain in their roles, suggesting some continuity amid broader changes.
Daniel Kretinsky, a Prague-based billionaire nicknamed the "Czech Sphinx" for his enigmatic business style, has rapidly expanded his UK investments. Beyond Royal Mail, his EP Group owns significant energy assets in Lincolnshire and holds stakes in supermarket giant Sainsbury’s and Premier League football club West Ham United. His acquisition of IDS followed a protracted UK government review addressing national security concerns, ultimately granting approval with conditions.
One such condition is the Government’s retention of a "golden share" in Royal Mail, ensuring that any future changes to ownership, tax residency, or headquarters location require ministerial approval. Additionally, Kretinsky has committed to maintaining the Universal Service Obligation (USO), which guarantees a first-class postal service six days a week at a uniform price across the UK.
However, Royal Mail is currently embroiled in critical negotiations and regulatory scrutiny regarding the USO and service standards. The company has been lobbying for a relaxation of the USO rules, arguing that the traditional six-day delivery model is financially unsustainable amid a sharp decline in letter volumes and rising operational costs. Ofcom, the industry regulator, has proposed allowing Royal Mail to limit second-class mail deliveries to alternate weekdays and eliminate Saturday deliveries, while maintaining first-class deliveries six days a week.
This regulatory debate comes against a backdrop of operational challenges for Royal Mail. The company reported a £348 million loss for the year ending March 2024 and has missed delivery targets repeatedly, facing potential fines from Ofcom for the third consecutive year. In May 2025, Ofcom launched an investigation after nearly a quarter of first-class mail was delivered late, falling short of the 93% target for next-day delivery.
Adding to the complexity, Royal Mail is engaged in negotiations with the Communication Workers Union (CWU), which represents over 100,000 postal workers. Talks focus on pay, working conditions, and guarantees related to USO reform, with key agreements expected by September 2025 and further deals planned by year-end.
Political and public reactions to Kretinsky’s takeover have been mixed. While some see the billionaire’s investment as a chance to inject fresh capital and strategic vision into a struggling institution, others express unease about foreign ownership of a national postal operator with strategic significance. The deal’s approval came with legally binding undertakings to allay such concerns.
Investment analysts, like Dan Coatsworth from AJ Bell, suggest that leadership changes following new ownership are common. "A new owner means a different way of thinking and that normally includes a fresh sweep in the boardroom," he said. "Gilthorpe might have come to the conclusion that if she did not leave of her own free will now, it was inevitable that she would have been pushed out later on."
Gilthorpe’s departure also follows a recent regulatory reprimand related to Royal Mail’s communication about cutting Saturday second-class deliveries. On May 30, 2025, Royal Mail informed business account holders that second-class letters would be delivered five days a week on alternate weekdays starting July 7, 2025. Ofcom’s director, Natalie Black, wrote to Gilthorpe on June 3, warning that the correspondence was "incorrect" and "premature" since the changes were still subject to consultation. Company sources have insisted there is no connection between this episode and Gilthorpe’s exit.
As Royal Mail embarks on this new chapter under Kretinsky’s ownership and Cochrane’s leadership, the company faces a daunting task: balancing financial sustainability, regulatory compliance, and the expectations of customers and workers alike. The postal service’s future will depend on how effectively it can navigate these challenges while preserving the legacy of a 500-year-old British institution.
