The head of parcels group Business Post has resigned after the company delivered its second profit warning in three months.
In an announcement to the City, the Birmingham company said chief executive Paul Carvell had resigned from the group " to pursue other opportunities".
But it is thought the lacklustre performance of the company was behind his decision, which came into immediate effect.
Last month investors reeled from the news the firm was no longer handling as many parcels a day as it was last year.
The announcement that annual profits were likely to fall 20 per cent short of market hopes knocked off a quarter of the company's value in one day's trading.
Although the shares - which dropped to 317p - recovered slightly, the City remained unimpressed with the company's performance and they closed yesterday at 332.5p.
Mr Carvell will be replaced by Guy Buswell, who has been managing director of UK Mail, the firm's domestic delivery service which has seen its market share increase by two per cent in recent months.
Chairman Peter Kane said: "Guy has been a board director since 1998 and his experience of the business and considerable success in the establishment of UK Mail as the leading alternative to the Royal Mail qualify him to take the group forward as chief executive."
Around 340 people work at the Birmingham Hub for Business Post, which is located at Castle Bromwich.
Mr Kane added: "Guy has to look at things before deciding what to do."
