Czech becomes chairman of Royal Mail board after completing takeover

Czech billionaire Daniel Křetínský will chair the board of Royal Mail following his successful acquisition of its parent company, International Distribution Services (IDS), for £3.57 billion. Royal Mail, one of the world’s oldest postal services, will remain headquartered in the UK and pay British taxes, thanks to a “golden share” retained by the UK government. EP Group, which finalized the takeover in early June, confirmed it has issued the golden share as part of the agreement. Royal Mail, founded in 1516, employs over 150,000 people but has struggled with strikes and declining parcel volumes in recent years.