International Distributions Svc PLC Directorate Change (2670Z)
May 12 2023 - 5:30AM
UK Regulatory
TIDMIDS
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
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
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 GBP289,415.21, 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 GBP17,500
(plus VAT) towards legal fees incurred in connection with his
departure and a capped contribution of up to GBP50,000 (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 .
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END
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