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  • Daily business and finance update 15th May 2023

Daily business and finance update 15th May 2023

Bosses entering and exiting

Good morning. Today we're talking about changing bosses at Royal Mail and Twitter and the UK tech entrepreneur in trouble in the US.

Big Stories

Royal Mail boss resigns

Simon Thompson has quit as Royal Mail CEO just days before the company plans to reveal the cost of a series of unprecedented strikes. Thompson has led the 507-year-old postal group since 2021, during his tenure the company benefited from the pandemic-related ecommerce boom but in recent times it's has been locked in bitter disputes with unions. Last month Royal Mail finally agreed a pay deal with workers after it warned that it was losing more than £1m a day and could be forced to call in administrators if the situation did not improve. Royal Mail’s new boss will be the third in five years and will face the unenviable task of turning around a business that will have to improve its relationship with its workforce, and push through some big changes to modernise the business and make it more efficient.

Twitter's new boss

Linda Yaccarino has been named the new CEO of Twitter. Yaccarino joins from multinational media conglomerate NBCUniversal where she was the head of advertising. In her new role she will focus on running Twitter’s business operations as Elon Musk steps down to become an executive chair and chief technology officer, focusing on product design and new technology. Musk, who bought Twitter for $44bn in October, said last year he would step down as the company's head, following an informal Twitter poll that saw nearly 58% of users voting in favour of Musk resigning from the role. Yaccarino joins Twitter as the company reportedly struggles to retain advertisers, having lost an estimated 40% of its year-over-year revenue in December since Musk's takeover.

British ‘Bill Gates’ extradited to US

British tech entrepreneur Mike Lynch has been extradited to the US to face criminal charges. In 2011 Lynch was the toast of the UK tech scene after he sold Autonomy, the software business he founded, to US tech giant Hewlett Packard for $11bn. He personally made $800m from the deal and was hailed as Britain’s answer to Bill Gates. But things went south very quickly as HP soon accused Lynch of fraud by deliberately overstating the value of Autonomy and the two parties have been locked in a bitter legal battle ever since. Lynch has always denied the allegations and said he was being made a "scapegoat" for mismanagement by HP. If found guilty Lynch could face a 25-year prison sentence.


Unionising: Union members at Amazon are launching strike ballots at two more warehouses, as the GMB union demands formal recognition at the delivery company’s Coventry site.

Total recall: China’s safety regulator has ordered Tesla to recall 1.1m vehicles over braking issues.

Costly getaways: Hotel prices for UK holidaymakers in three-quarters of popular European cities have soared by more than 50% since last summer, according to new research.

Healthier trading: The restaurant group owned by celebrity chef Gordon Ramsay narrowed losses to £1m last year as sales more than tripled after Covid restrictions were eased.

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