Latest news with #InternationalDistributionServices
Yahoo
6 days ago
- Business
- Yahoo
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Czech billionaire Daniel Kretinsky is to become chairman of Royal Mail after completing the £3.6 billion takeover of the postal service. Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
The Independent
6 days ago
- Business
- The Independent
Czech billionaire Kretinsky named chairman of Royal Mail after takeover
Czech billionaire Daniel Kretinsky is to become chairman of Royal Mail after completing the £3.6 billion takeover of the postal service. Mr Kretinsky's EP Group said that, following the closure of the deal earlier this month, he would head up the board as chairman of both Royal Mail and its parent company International Distribution Services (IDS). Confirmation of the appointment came after IDS formally left the London Stock Exchange on June 2 after being taken over by Mr Kretinsky. In April, shareholders approved the £3.6 billion takeover deal, giving the more than 500-year-old company a foreign owner for the first time. Royal Mail's new owner also said on Friday that it had issued a £1 so-called golden share to the UK Government, as agreed under the deal. The golden share means the firm must keep Royal Mail's headquarters and tax residency in the UK. EP added that it has changed Royal Mail's articles of association to include the rights of the Government, and to set up an advisory committee in line with pledges made to trade unions the Communication Workers Union and Unite, as well as the Competition and Markets Authority. EP Group recently appointed former UK trade minister Greg Hands as a full-time strategic adviser. Mr Hands, who was minister for trade policy until last summer when he lost his seat in the House of Commons, will advise the business with a 'special focus on the UK and Germany'. Mr Kretinsky – dubbed the Czech Sphinx – agreed the deal to buy Royal Mail's owner in May last year, but it was not cleared until December after he made a raft of commitments over the future of the service and its workers. He was already the biggest shareholder in IDS, which also owned parcel business GLS, prior to the deal.
Daily Mail
6 days ago
- Business
- Daily Mail
'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.'
Daily Mail
20-06-2025
- Business
- Daily Mail
Royal Mail boss jumps ship after Czech takeover
Royal Mail's boss has quit weeks after the postal service fell into foreign hands for the first time in its 509-year history. In a move that caught the business world by surprise, Emma Gilthorpe left having been appointed chief executive a little over a year ago. The former Heathrow director will be replaced on an interim basis by chief operating officer Alistair Cochrane. Her departure comes after Royal Mail's parent company International Distribution Services (IDS) was bought by Czech billionaire Daniel Kretinsky for £3.6billion. The energy tycoon nicknamed the 'Czech Sphinx' for his inscrutable approach to business decisions swooped on the firm last year in a move that prompted outrage from politicians and businesses. The controversial deal, which was approved by 80 per cent of shareholders, saw the postal service fall into overseas ownership for the first time since it was established by Henry VIII in 1516. IDS chairman Keith Williams and the rest of the board stepped down as planned when the firm delisted from the London Stock Exchange in May. But IDS chief executive Martin Seidenberg and finance chief Michael Snape will stay in their roles. The company had not publicly confirmed whether Gilthorpe, 55, would continue to lead Royal Mail under its new owner. Dan Coatsworth, investment analyst at AJ Bell, said: 'A new owner means a different way of thinking and that normally includes a fresh sweep in the boardroom. 'Daniel Kretinsky is a brave man for wanting to own Royal Mail as it comes with a multitude of challenges. He'll already have a firm idea how to fix it and he'll want to parachute his own choice of leader into the company. 'Gilthorpe might have come to the conclusion that if she did not leave of her own free will now, it was inevitable that she would have been pushed out later on.' As part of the deal, Kretinsky agreed to a series of conditions to secure approval from ministers. The Government will retain a 'golden share' in the business. This means any changes to Royal Mail's ownership, tax residency or where its headquarters are based will need ministers' approval. Kretinsky, 49, must also retain the Universal Service Obligation (USO), which guarantees a first-class postal service to anywhere in the UK for a fixed price six days a week. But these rules are set to be changed by the regulator Ofcom, which has proposed cutting second-class deliveries to every other working day. Gilthorpe said yesterday she 'will always be incredibly proud to have led Royal Mail', adding: 'I look forward to seeing Royal Mail continue to transform in the years ahead.'
Telegraph
20-06-2025
- Business
- Telegraph
Royal Mail boss quits after Czech billionaire's £3.6bn takeover
Royal Mail's chief executive has quit weeks after a £3.6bn takeover by the Czech billionaire Daniel Kretinsky. Emma Gilthorpe, who took up the top job just more than a year ago, stepped down from the role this week. She has been replaced on an interim basis by Alistair Cochrane, the chief operating officer. Ms Gilthorpe joined Royal Mail from Heathrow Airport in a newly created role reporting to Martin Seidenberg, the chief executive of parent company International Distribution Services (IDS). Before this she held senior roles at telecoms companies including Cable & Wireless and BT's Openreach. Her departure marks the latest leadership upheaval at Royal Mail, which has had five chief executives in the last six years. Earlier this month, the company said a host of IDS non-executive directors would be leaving the business, including Keith Williams, its chairman. The boardroom shake-up underscores efforts by Mr Kretinsky to stamp his mark on Royal Mail after closing a controversial deal to take control of the company. The takeover by Mr Kretinsky's EP Group marks the first time the postal service has fallen into foreign ownership in its 500-year history. The billionaire, who agreed to a number of legally binding undertakings to allay concerns about the deal, has also hired Greg Hands, the former Tory minister, as an adviser. Mr Hands will provide counsel on market and regulatory developments in the UK and Germany. In addition to Royal Mail, EP UK owns a number of energy assets including a gas-fired power plant in Stallingborough and the South Humber Bank station, both in Lincolnshire. Royal Mail will now be seeking a new chief executive amid critical talks over the future of its universal service obligation (USO), which requires the company to deliver six days a week at a uniform price. Bosses have been lobbying for the rules to be watered down, arguing that outdated regulations have left it financially unsustainable amid a sharp decline in letter sending. Royal Mail, which lost £348m in the year to March 2024, has repeatedly missed delivery targets and is facing a potential Ofcom fine for the third consecutive year. The regulator has drawn up plans to allow Royal Mail to end second-class mail deliveries on alternate days and Saturdays and to water down its main delivery targets. However, the two sides are still in negotiations over additional service targets. EP Group is also locked in negotiations with the Communication Workers Union (CWU), which represents more than 100,000 postal workers, over pay and conditions, as well as guarantees on USO reform. The two sides have committed to reaching several key agreements by September, with further deals to be agreed by the end of the year. Mr Seidenberg said: 'Emma has worked tirelessly to drive forward Royal Mail's transformation and I would like to extend my personal thanks to her for the significant contribution she has made to the company. On behalf of everyone at Royal Mail and IDS, we wish Emma all the best for the future.'
