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From: Cole, Alex - UKGIf”
Sent: Mon 28/10/2019 9:27:54 AM (UTC)
To: Permanent Secretary, ‘ Page, Oliver
Ce: Bhargava, Pranita (BEIS:
UKGE_
Retail & Post Directorate
Business Services, Retail & Post Directorate
Aldred, Tom -
al Business Services,
ional
Subject: FW: POL: Nick Read strategic review
Attachment: 05_PSG_POLBoard_20191029.pdf
Hi all,
Tom asked me to circulate this paper to you — it’s for tomorrow’s Board on Purpose, Strategy and
Growth.
Kind regards,
Alex Cole I Corporate Finance Manager
UK Government Investments
1 Victoria Street I London I SW1H OET
From: Aldred, Tom -UKGIi__
Sent: 25 October 2019
To: Page, Oliver (BEIS) }
Cc: Creswell, Carl (Professional Business Service:
e)
Subject: POL: Nick Read strategic review
Oliver
I promised to share a few lines on Nick Read's progress to date — or at least our view of it.
Nick launched his ‘Purpose, Strategy and Growth’ project immediately after starting at Post
Office, having recognised that POL needed to be much clearer on its vision and to align
people around it. He has been working closely with McKinsey and we've spoken to Nick on
several occasions including a presentation to BEIS and UKGI on 17 October. It is still early
days but the review appears to be asking the right questions. Nick spoke about the review
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having three strands:
¢ Defining a purpose
* Clarifying ‘what we are famous for’ and what POL will invest in (what are their ‘big
bets’)
« The technology, organisational structures and people needed to support the strategy
Nick recognises that POL need to reinvigorate their relationship with postmasters and re-
orient their focus on customers, products and their workforce (including agents) and away
from an obsession with internal processes. He is keen to ground his strategy in facts and to
that end has already launched an Organisational Healthcheck process with all staff. The
review will conduct a similar exercise with agents and also collect data on customer views of
post office.
Next steps
The project has 3 phases
« Phase 1 (30 Sept to 25 Oct) Build factual baseline about customers, markets,
organisational capabilities and technology
« Phase 2 (28 Oct to 13 Dec) Strategy development
« Phase 3 (6 Jan to 7 Feb) Iteration and engagement with stakeholders
POL Board is due to discuss the review on 29 October, and we have asked POL to present
their emerging findings at the Shareholder meeting on 13 November.
I hope this is useful
Tom
Tom Aldred I Executive Director
Post Office Shareholder Team
UK Government Investments
1Vi eet, I London I SW1H OET
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