Francisco Lacerda is to resign from the position of president of CTT.
The post office boss was in his third term at the helm of CTT and considered that a change of the company's leadership team was necessary.
CTT confirmed Lacerda's decision in a communication sent to the stcok market regulator.
João Bento, current a non-executive director, will be the new executive president of CTT.
Francisco Lacerda, who was in his third term, led CTT from 2012 and was responsible for the privatisation process of the company.
In the current mandate between 2017 and 2019, CTT is consolidating its Operational Transformation Plan and its Modernisation and Investment Plan.
The company also is developing CTT Bank.
Today’s share price of €2.34 is well below the privation price.
The sale of CTT, pushed through by the Pedro Passos Coelho government, yielded over €900 million to the Treasury and was achieved in two stages: in December 2013, the State sold 70% of the company's shares at €5.52 a share, and in September 2014, sold 30% at €7.25 per share.
Francisco Lacerda and his board have overseen a dramatic collapse in shareholder value.