Royal Mail boss’s pay package soars to £6.9m despite profits slide

Martin Seidenberg, chief executive of parent company IDS, handed payouts after takeover of UK postal service

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The boss of Royal Mail’s parent company received almost £7m in pay and bonuses last year – more than triple the previous figure – despite group profits slumping by a fifth.

Martin Seidenberg, group chief executive of International Distribution Services (IDS), took home £6.9m in pay, bonus and long-term incentive scheme awards in the year to 31 March, compared with £2.1m the previous year.