Royal Mail's owner appoints group's CEO, shares rise
20/07/2023 10:57
** Shares of Royal Mail's parent group International
Distributions Services (IDS) IDSI.L up as much as 3.7% to
276.8p, hitting their highest in over 10 months
** The international parcels network group appoints Martin
Seidenberg as CEO, reuniting its foreign and domestic operations
under a single leader as it seeks to turn around its loss-making
UK business
** Seidenberg has been CEO of IDS's international business,
GLS, since June 2020
** Co says under the revised structure, Seidenberg will
appoint CEOs for the two units - its UK business Royal Mail and
GLS - in due course
** Separately, IDS keeps outlook unchanged; still targeting
an adjusted operating profit for the group
** Royal Mail's total revenue down 4%, GLS clocks revenue
growth of 7.4% in Q1
** IDSI was up 25% YTD, as of last close
(Reporting by Anchal Rana in Bengaluru)
((Anchal.Rana@thomsonreuters.com; +91 9915609050;))