Chief executive Adam Crozier to depart Royal Mail

Royal Mail chairman Donald Brydon has announced that chief executive Adam Crozier will leave the company "later this year".

Mr Crozier, 46, will take up the post of chief executive of leading commercial broadcaster ITV. He has been given the chance to earn up to £16m if he can prove that he is the company's perfect partner, although his five-year package is still being finalised.

The move has surprised media industry insiders, who had expected ITV chairman Archie Norman - himself most famous as a retailer after his time at the helm of Asda - to hire a CEO with more experience of the broadcasting sector.

Responding to the news, Communication Workers Union (CWU) general secretary Billy Hayes stressed the need for Mr Crozier to ensure the completion of the current national transformation negotiations during his last few months at the helm of Royal Mail.

"It's crucial now that Adam Crozier's final days at Royal Mail secure an agreement on modernisation that provides a successful future for the company, its workforce and customers," said Hayes.

He also called on Royal Mail to ensure that Mr Crozier's successor "has a strong public service ethos".