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 the parent company of Royal Mail saw his pay and bonus package more than triple last year to almost £7m, despite group profits slumping by a fifth.

Martin Seidenberg, the 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. This compares with the £2.1m he took home the previous year.