REG - Intnl.Distrbtn.Svcs. - Directorate Change

International Distribution ServicesAnnouncement

12/05/2023 11:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230512:nRSL2670Za&default-theme=true

RNS Number : 2670Z  International Distributions Svc PLC  12 May 2023

International Distributions Services plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code: IDS

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

 

12 May 2023

 

Directorate change

International Distributions Services plc (IDS) today announces that Simon
Thompson has informed the Board of his intention to step down as Chief
Executive Officer (CEO) of Royal Mail. He believes that, following the
negotiators' agreement between Royal Mail and the CWU, it is the right time
for the company to move forward under new leadership.

 

Simon Thompson joined the company as a Non-Executive Director in 2017 and was
appointed as CEO of Royal Mail in January 2021.

 

The Board is in advanced stages of appointing a new CEO, and Simon Thompson
has agreed to remain with the business until 31 October 2023 as part of the
transition. Chairman of IDS, Keith Williams, will be providing additional
oversight and support alongside his Board colleagues through this period. A
further announcement will be made in due course.

Keith Williams, Chairman of IDS, said:

"On behalf of the Board, I would like to thank Simon for his significant
contribution over more than five years at Royal Mail, both as CEO and
previously as a Non-Executive Director of the Board. As CEO, his leadership,
resilience and unwavering drive to ensure that Royal Mail transforms for the
benefit of our customers means we have set a clear path to turn the business
around. We are grateful for his dedication and what he has achieved at the
company, and wish him well for the future."

Simon Thompson said:

"I have been incredibly proud to lead Royal Mail during this crucial period in
its 507 year history. The changes we have made, the infrastructure we have put
in place, and the agreements negotiated with our trade unions mean that Royal
Mail now has a chance to compete and grow. That is what I have always wanted,
and it is now the right time to hand over to a new CEO to deliver the next
stage of the company's reinvention. I would like to thank my team for their
support during a difficult and important time of change."

 

Enquiries:

Investor Relations

John Crosse

Email: investorrelations@royalmail.com

 

Media Relations

Jenny Hall

Phone: 07776 993 036

Email: jenny.hall@royalmail.com (mailto:jenny.hall@royalmail.com)

 

Greg Sage

Phone: 07483 421 374

Email: greg.sage@royalmail.com (mailto:greg.sage@royalmail.com)

 

Royal Mail press office: press.office@royalmail.com
(mailto:press.office@royalmail.com)

 

 

 

Company Secretary

Mark Amsden

Email: cosec@royalmail.com (mailto:cosec@royalmail.com)

 

 

 

Notes to Editors:

The Remuneration Committee determined that the following arrangements agreed
with Simon Thompson are fair and reasonable, consistent with the Group
Directors' Remuneration Policy and in line with Simon's contractual
entitlements:

·      Simon will continue to receive his normal salary and benefits
until 31 October 2023.

·      Following this, he will receive seven monthly payments, totalling
£289,415.21, which represents six months and twelve days' pay in lieu of
notice. These payments will be reduced by any alternative paid employment that
he receives.

·      He will be eligible for any 2023-24 bonus under the Short Term
Incentive Plan for 2023/24, time pro-rated for active service, should one be
paid. Any bonus would be at the discretion of the Remuneration Committee
including their assessment of UK performance at the end of the current
financial year.

·      Simon will be conferred eligible leaver status in relation to one
unvested Deferred Share Bonus Plan (DSBP) award, awarded in July 2022 (16,254
shares), relating to performance year 2021-22 and due to vest in July 2025.

·      Simon's unvested Royal Mail Royal Mail Long-Term Incentive Plan
(LTIP) awards will lapse.

·      Consistent with the Group Directors' Remuneration Policy, there
will be a requirement to hold shares (worth up to two times salary) for two
years following termination. This holding requirement will apply to shares
that subsequently vest under his DSBP award.

·      Simon will receive a capped contribution of up to £17,500 (plus
VAT) towards legal fees incurred in connection with his departure and a capped
contribution of up to £50,000 (plus VAT) towards outplacement support.

·      There are no further remuneration payments in connection with his
cessation as a director or payments for loss of office.

This information is being provided in accordance with section 430(2B)
Companies Act 2006.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOAGPUAUAUPWGUP