Martin Seidenberg, chief executive of parent company IDS, handed payouts after takeover of UK postal service

The boss of the parent company of Royal Mail saw his pay and bonus package more than triple last year to almost £7m, despite group profits slumping by a fifth.

Martin Seidenberg, the group chief executive of International Distribution Services (IDS), took home £6.9m in pay, bonus and long-term incentive scheme awards in the year to 31 March. This compares with the £2.1m he took home the previous year.