Directorate Change

International Distributions Svc PLC

18 January 2024

 

International Distributions Services plc

(Incorporated in England and Wales)

Company Number: 8680755

LSE Share Code: IDS

ISIN: GB00BDVZYZ77

LEI: 213800TCZZU84G8Z2M70

18 January 2024

DIRECTORATE CHANGE

International Distributions Services plc (IDS) today announces the appointment of Michael Snape as Group Chief Financial Officer (CFO) and Executive Director on the IDS plc Board with immediate effect.

Michael was previously CFO of Boots, No7Beauty Company and International for Walgreens Boots Alliance. Prior to Boots Michael was International CFO for Tesco, responsible for its operations outside the UK and Ireland. His earlier career was spent with Waitrose, part of the John Lewis Partnership, and J Sainsbury plc.

Mick Jeavons will leave the company on 31 May 2024 following a handover period. He will stand down from his position on the plc Board with immediate effect.

Announcing these changes, Group Chief Executive Officer Martin Seidenberg said: "I am delighted to announce the appointment of Michael as Group CFO of IDS. Michael brings extensive turnaround experience and excellent financial leadership gained in a number of leading international companies during their transformation. I look forward to working closely with him to ensure that both Royal Mail and GLS reach their full potential.

"Mick has been a great colleague and his counsel, knowledge and experience have been invaluable to both myself and the Board over the last few years. We thank him for his outstanding contribution through some turbulent times, and wish him every success for the future."

Michael Snape said: "I am delighted to be joining IDS at such a pivotal time and am excited by the renewed level of ambition that Martin and the Board have for both Royal Mail and GLS. I look forward to helping drive the turnaround of Royal Mail and the continued growth in GLS to deliver for our customers, our colleagues and our shareholders."

Mick Jeavons said: "I have enjoyed immensely my journey with this incredible company and I thank all the wonderful people I have met during my time here for their advice, professional support and friendship. As the Group moves to the next stage in its transformation, I'd like to wish Martin, the Board and all my colleagues at IDS, Royal Mail and GLS all the best for the future."

This announcement is made in accordance with Listing Rule 9.6.11R. There are no other details required to be disclosed pursuant to Listing Rule 9.6.13R.

Full details are available on the company's website in compliance with Section 430(2B) of the Companies Act 2006 and will be disclosed in due course in the Directors' Remuneration Report within the company's Annual Report and Accounts for the year ending 31 March 2024, and subsequent years, as appropriate.

In a separate announcement, this morning IDS announced its Q3 Trading Update covering the period to 31 December 2023.

ENDS

Notes to Editors:

Michael Snape's base salary will be £487,000 with a pension allowance of 13.6%. In addition to the fixed remuneration, Michael Snape will be eligible to participate in the Group's short-term and long-term incentive plans. 

Further detail of Michael Snape's remuneration, which is in line with the Group Directors' Remuneration Policy, will be disclosed as appropriate in the 2023/24 annual report.

Enquiries:

Investor Relations

John Crosse

Email: [e-mail] 

Royal Mail investor relations line: 020 7449 8183

Media Relations 

Jenny Hall

Phone: [phone]

Email: [e-mail]

Greg Sage

Phone: [phone]

Email: [e-mail]

Royal Mail press office: [e-mail]

Company Secretary

Mark Amsden

Email: [e-mail]

 

END