Royal Mail Revenues Decline as IDS Names New CEO
- Announcement Marks Continued Downturn in Results, Following £1 Billion Loss Last Year
- Martin Seidenberg, GLS CEO, Appointed as New Group CEO
International Distributions Services (IDS), the parent company of Royal Mail, has appointed a new group CEO to ensure the postal service reaches its full potential.
Royal Mail recorded a 4% decline in revenues to £1.8 billion in the first quarter, attributed to weaker price-mix and test kit volumes.
Following a £1 billion loss and 18 days of industrial action, IDS is now focusing on efficiency initiatives.
This announcement continues the downturn in results which saw the 507-year-old postal service make a £1 billion loss last year and 18 days of strikes by its postal staff
Last year, Royal Mail experienced 18 days of strikes by its postal staff, resulting in chaos and a loss of over £1 million per day.
However, the disputes with the Communication Workers’ Union (CWU) were resolved in May.
IDS has appointed Martin Seidenberg, CEO of GLS, as the new group CEO. Seidenberg will be responsible for operational management of Royal Mail and GLS.
Under Seidenberg’s leadership, GLS has achieved a revenue growth of 7.4% in the past year.
Seidenberg expressed his excitement about leading IDS and emphasized the importance of transformation and collaboration to ensure a bright future for Royal Mail and GLS.
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