Royal Mail chief ‘to run postal service from his luxury £2.3million penthouse overlooking LAKE ZURICH’

ROYAL Mail’s new boss is set to commute in to London from SWITZERLAND – because he doesn’t want to leave his £2.3m lakeside penthouse.

German-born Rico Black, 63, will fly 500 miles each week from a tax-haven town overlooking Lake Zurich to Royal Mail’s swanky offices in central London.

Rico Black, 63, is expected to fly 500 miles from Switzerland to London every week
Picture Alliance/Avalon.red. All rights reserved.

The revelation comes days after Royal Mail suffered one of the biggest pay revolts in British history, as shareholders rejected his multi-million wage packet.

The Daily Mail claim Mr Black’s state-of-the-art apartment is in an exclusive town near Zurich that is considered a hotspot for the global business elite.

Other residents are said to include the head of logistics firm Kühne + Nagel, and the boss of Fiat.

The town is said to have one of the lowest tax burdens in Switzerland – but Mr Black is expected to pay full UK tax for his earnings as Royal Mail chief.

He lives in a luxury Swiss penthouse
Picture Alliance/Avalon.red. All rights reserved.
The revelation comes days after Royal Mail suffered one of the biggest pay revolts in British history
PA:Press Association

He was announced as CEO this summer after a stint leading the company’s European subsiduary GLS.

He was offered a pay packet worth £2.7 million if all performance targets were met – but 70 per cent of shareholders rejected the package on Thursday.

Cliff Weight, director of shareholder group ShareSoc, blasted: “How will Royal Mail employees feel to see their chief executive swanning around in some glitzy penthouse pad in Switzerland rather than slogging his guts out in the UK on behalf of them and all the other stakeholders in the business?

“It’s surely a 24/7 job, you’ve got to be where the action is, where the head office is.

“Yes you need to go around the world to visit sites and keep in touch with international customers.

“But this is principally a UK company – most of the postmen are in the UK and most of the problems are in the UK.”

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