Related Articles
- Investors approved EP Group’s £3.6bn takeover of owner IDS this month
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.
Kretinsky is nicknamed the ‘Czech Sphinx’ for his inscrutable approach to his business decision
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.’
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
InvestEngine
InvestEngine
Account and trading fee-free ETF investing
Trading 212
Trading 212
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
