[UK] Triple pay package for Royal Mail chief exec as profits slide

In the UK, it has been revealed that the group chief executive of International Distribution Services (IDS), Royal Mail’s parent company, received almost £7 million in pay and bonuses last year, despite group profits plunging by one fifth, The Guardian reports.

IDS disclosed that Martin Seidenberg took home £6.9 million in pay, bonus and long-term incentive scheme awards in the year to March 29. More than triple the £2.1 million he pocketed the previous year.

According to IDS, the huge pay package came from the £3.6bn takeover by Czech billionaire Daniel Křetínský. It reportedly led to IDS being delisted in June 2025 and triggered the vesting of incentive awards and share-based bonuses to Mr Seidenberg. No award plans vested in the previous year.

In its annual report, published on June 23,  IDS said, “The vesting of awards was accelerated at the point of takeover. This explains the increase in emoluments of the highest-paid director.”

IDS’s executive and non-executive directors took home £9.8 million in total last year, more than double the £4.2 million the previous year.

The company, which also owns the parcel delivery service GLS, reported that adjusted operating profits fell by 20 per cent to £222 million in the year to March 29.

Profits at Royal Mail reportedly grew to £5 million from £2 million a year earlier. However, GLS reported a 17 per cent decline to £237 million caused by factors including regulatory changes in Italy affecting the delivery sector and the impact of US tariffs on businesses in Canada. 

Company revenues increased by 3.6 per cent to £13.6 billion, as total operating costs swelled by £629 million to £13.4 billion.

IDS attributed the increase in costs to “higher wages and associated taxes” after the UK government increased employers’ national insurance contributions (NICs) and the minimum wage.

The company stated that people costs, including wages and salaries, climbed 5.7 per cent to £7.16 billion, a £384 million increase on the previous year.

Source: The Guardian

(Link and quote via original reporting)

In the UK, it has been revealed that the group chief executive of International Distribution Services (IDS), Royal Mail’s parent company, received almost £7 million in pay and bonuses last year, despite group profits plunging by one fifth, The Guardian reports.

IDS disclosed that Martin Seidenberg took home £6.9 million in pay, bonus and long-term incentive scheme awards in the year to March 29. More than triple the £2.1 million he pocketed the previous year.

According to IDS, the huge pay package came from the £3.6bn takeover by Czech billionaire Daniel Křetínský. It reportedly led to IDS being delisted in June 2025 and triggered the vesting of incentive awards and share-based bonuses to Mr Seidenberg. No award plans vested in the previous year.

In its annual report, published on June 23,  IDS said, “The vesting of awards was accelerated at the point of takeover. This explains the increase in emoluments of the highest-paid director.”

IDS’s executive and non-executive directors took home £9.8 million in total last year, more than double the £4.2 million the previous year.

The company, which also owns the parcel delivery service GLS, reported that adjusted operating profits fell by 20 per cent to £222 million in the year to March 29.

Profits at Royal Mail reportedly grew to £5 million from £2 million a year earlier. However, GLS reported a 17 per cent decline to £237 million caused by factors including regulatory changes in Italy affecting the delivery sector and the impact of US tariffs on businesses in Canada. 

Company revenues increased by 3.6 per cent to £13.6 billion, as total operating costs swelled by £629 million to £13.4 billion.

IDS attributed the increase in costs to “higher wages and associated taxes” after the UK government increased employers’ national insurance contributions (NICs) and the minimum wage.

The company stated that people costs, including wages and salaries, climbed 5.7 per cent to £7.16 billion, a £384 million increase on the previous year.

Source: The Guardian

(Link and quote via original reporting)