UK Mail chief executive Guy Buswell (pictured) has stepped down with immediate effect, after the installation of incompatible parcel sorting technology at its purpose built new hub.

His departure comes just a week after UK Mail’s interim results showed even greater losses than had been anticipated.

It has begun a search for Buswell’s replacement, and has appointed company founder and non-executive chairman Peter Kane to fill in as interim executive chairman in the meantime.

The company saw its profit slashed by 80% in the six months ending 30 September 2015.

At the time Buswell, who held the chief executive role for 10 years, said “It has become clear that the near-term challenges associated with the transition have been more significant than first anticipated.”

Kane said: “The board and I would like to thank Guy for his contribution to the company over the past 10 years in his role as chief executive and wish him well for the future."

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