Royal Mail boss’s pay package soars to £6.9m despite profits slide
Summary
The chief executive of Royal Mail’s parent company earned nearly £7 million last year, more than three times his previous pay, even though the company’s profits dropped by 20%. This increase was mainly due to the takeover by Czech billionaire Daniel Křetínský, which triggered special bonus payments.Key Facts
- Martin Seidenberg, CEO of International Distribution Services (IDS), was paid £6.9 million in the year ending March 31.
- This pay is more than triple his £2.1 million pay the previous year.
- The big pay rise resulted from the £3.6 billion takeover by Daniel Křetínský, causing IDS to be delisted and bonuses to be paid out early.
- IDS’s profits fell by 20% to £222 million despite Royal Mail’s profits rising slightly to £5 million.
- Parcel delivery service GLS, also owned by IDS, saw profits drop 17% due to new rules in Italy and US tariffs affecting Canada.
- Revenues rose 3.6% to £13.6 billion, but operating costs increased by £629 million, mainly from higher wages and taxes.
- Royal Mail parcel volumes grew 7%, but letter volumes dropped 10%.
- The UK postal regulator Ofcom is investigating Royal Mail again for late deliveries, with almost 25% of first-class mail arriving late.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.