International Distributions Services Regulatory News (IDS)

International Distributions Services plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code: IDS

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

20 July 2023

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR

DIRECTORATE CHANGE

International Distributions Services plc (IDS) today announces the appointment of Martin Seidenberg as Group Chief Executive Officer (CEO) of IDS. Under the revised structure, Martin will lead the IDS Group and set its strategic direction. He will be appointing CEOs for Royal Mail and GLS responsible for operational management of the two subsidiaries in due course.

Martin joined GLS in 2015 as CEO of GLS Germany and was appointed as CEO of GLS in June 2020. He has been a member of the IDS Board since April 2021. Prior to joining the Group, Martin spent 15 years at Deutsche Post DHL where he held a variety of logistics, strategy and CEO roles internationally.

Keith Williams, Chairman of IDS, said:

"The Board is delighted to appoint Martin as Group CEO of IDS. His extensive international logistics experience and proven track record makes him the right person to lead the Group at this critical juncture.

"Under Martin's leadership GLS has grown to nearly 40% of Group revenue and it continuously delivered significant profit to the Group. He has transformed GLS into a state-of-the-art international parcel logistics network serving consumers and businesses across Europe and North America. With Royal Mail entering a new phase of its transformation after the ballot on the agreement with the CWU, and GLS on a positive trajectory, we can move both companies forward under Martin's leadership to deliver change, growth and value across the Group."

Commenting on his appointment, Martin Seidenberg said:

"It is a privilege to be appointed to lead IDS and ensure that both Royal Mail and GLS reach their full potential. We may have challenges ahead, but through transformation and working together with our people, we can undoubtedly have a bright future." 

"GLS is an exceptional business with great potential and a strong brand in its own right. We will remain focused on quality, profitable growth and margin development to thrive in the current challenging macro-economic environment. We will continue to invest so that the business continues to deliver high quality and becomes even more global and digital over time." 

"With Royal Mail's brand, unrivalled scale and postmen and women connecting every household and business in the country, we have plenty of opportunity ahead of us. But we must seize it. By enabling Royal Mail to best serve our customers' evolving demands, we can deliver benefits for customers, employees and shareholders alike."

This announcement is made in accordance with Listing Rule 9.6.11R. There are no other details required to be disclosed pursuant to Listing Rule 9.6.13R.

ENDS

Notes to Editors:

Martin Seidenberg biography

Martin Seidenberg, 50, has extensive international and logistics experience and a proven track record of delivering growth and robust financial performance at GLS, including the turnaround of underperforming countries.

Martin joined GLS in 2015 as CEO of GLS Germany and was appointed as GLS CEO in June 2020. He has been a member of the IDS Board since April 2021. Prior to joining the Group, Martin spent 15 years at Deutsche Post DHL where he held a variety of logistics, strategy and CEO roles internationally.

Under Martin's leadership over the last three years to 2022-23, GLS has grown revenue by 47% and adjusted operating profit by 67%. During his tenure, Martin expanded GLS' geographic reach, including the successful 2021 acquisition of Rosenau transportation in Canada. Martin has also made significant progress turning around underperforming countries, particularly Spain, which is now delivering sustainable operating profits and has just opened its new Madrid hub, and France which has now reached breakeven. He also successfully managed GLS' transition to a B2B and B2C parcel network. Martin has also driven GLS to be more innovative and digital, and moved the business into new services and new revenue streams to become more diverse.

Martin holds a Masters Degree in Management from the London School of Economics and in Business Administration from the University of Cologne.

Martin will take up the post in August 2023. Martin will be based at IDS's headquarters in London upon appointment, with international travel as required, and is making arrangements to move to the UK.

Remuneration

Martin Seidenberg's base salary will be £700,000 with a pension allowance of 13.6%. In addition to the fixed remuneration, Martin will be eligible to participate in the Group's short-term and long-term incentive plans. 

Further detail of Martin's remuneration, which is in line with the Group Directors' Remuneration Policy, will be disclosed as appropriate in the 2023/24 annual report.

Enquiries:

Investor Relations

John Crosse

Phone: 07483 390 957

Email: investorrelations@royalmail.com 

Royal Mail investor relations line: 020 7449 8183

Media Relations 

Jenny Hall

Phone: 07776 993 036

Email: jenny.hall@royalmail.com

Greg Sage

Phone: 07483 421 374

Email: greg.sage@royalmail.com

Royal Mail press office: press.office@royalmail.com

Company Secretary

Mark Amsden

Email: cosec@royalmail.com