Royal Mail chairman to step down

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Royal Mail has begun the search for a new chairman after Donald Brydon announced his intention to step down.

Mr Brydon was appointed chairman in 2009 and has overseen a period of major change for the company, including its flotation in October 2013.

Mr Brydon will continue to chair the board until at least the AGM in the summer.Shares have slumped roughly 28 per cent from their peak in February amid worries over increased competition.