CZECH billionaire Daniel Kretinsky is the new chair of Royal Mail, cementing his position after his £3.6 billion takeover of the UK’s universal postal service.

The company, in public hands for almost five centuries, surviving even the fire-sale of public assets during the Thatcher years, was privatised by Lib Dem business secretary Vince Cable in 2013.

After years of upheaval at the company, which has faced criticism from postal union CWU and the public over attacks on workers and declining service, as well as a series of national disputes, shareholders agreed to sell to Mr Kretinsky’s EP Group in April.

Now, having taken the company out of the London Stock Exchange earlier this month, and issuing the UK government a £1 “golden share,” Mr Ktrinsky has taken the chair of both Royal Mail and its parent company International Distribution Services (IDS).

The golden share means the firm must remain headquartered and pay tax in the UK, while the company’s articles of association have been amended to set up an advisory committee in line with deals signed by both CWU and management union Unite.