'Czech Sphinx' billionaire to become chairman of Royal Mail
Czech billionaire Daniel Kretinsky will become chairman of Royal Mail following confirmation of the postal service's controversial takeover last month.
Kretinsky, an energy tycoon nicknamed the 'Czech Sphinx' for his inscrutable approach to his business decisions, swooped on Royal Mail's parent company International Distribution Services with a £3.6billion offer last year.
Royal Mail is set to fall into foreign ownership for the first time in its 509-year history after IDS investors backed the deal in May.
Kretinsky's investment company EP Group said on Friday the so-called 'Czech Sphinx' will be joined on the separate boards of IDS and Royal Mail by colleagues Daniel Mareš and Marek Janča.
The group also revealed the UK Government has been allotted and issued a 'golden share' worth £1.
The golden share has no economic or voting rights but Royal Mail's new owners require the prior written consent of the Government for some decisions.
It should ensure Royal Mail keeps its UK headquarters and continues to pay taxes in the country.
Global head of operating assets at Trafigura Jiří Zrůst will also join the boards as a non-executive director, bringing with him 'significant previous experience in the infrastructure, transport and logistics sector', EP Group said.
It follows the shock departure of Royal Mail boss Emma Gilthorpe after a little over a year in the job, as well as the planned departure of IDS chair Keith Williams and the rest of the board when the group delisted from the London Stock Exchange in May.
EP Group added: 'A further announcement will be made in due course upon the appointment of additional independent non-executive directors to the IDS Board and the board of directors of Royal Mail.'
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