David Ross, half of one of Britain's most successful entrepreneurial stories, will oversee the running of the 2012 Olympics on behalf of Boris Johnson, the Mayor of London.

The deputy chairman of The Carphone Warehouse, who is worth £873 million after setting up the mobile phone retailer with his schoolfriend, Charles Dunstone, was appointed to the board of the London Organising Committee of the Olympic Games (Locog) yesterday as Mr Johnson's nominee. Mr Ross, 42, a chartered accountant who once served on the board of Wembley Stadium, will not be paid for his work.

The mayor, who has been fiercely critical of the mounting Olympic bill, vowed that Londoners would not be saddled with an “unreasonable bill for generations to come”. He also announced that Neale Coleman, a key figure in Ken Livingstone's administration at City Hall, would be retained as the Greater London Authority's adviser on the London Games.

“I promised Londoners I would ensure that the investment we are making in the 2012 Games offers the best value for money,” Mr Johnson said.

“David is one of Britain's leading entrepreneurs and brings years of business experience to the role. Having co-founded one of our most well-known household names and turned it into a huge success, his skills will be vital in helping to deliver the legacy on which the success of the London Games will be judged.”

Mr Ross's appointment came on the day of the mayor's first meeting with the International Olympic Committee Co-ordination Commission, who are in London this week to assess the city's progress.

Mr Johnson told the inspection team that he wanted the benefits of hosting the Games to be felt far beyond 2012 and the boundaries of the Olympic Park.

He has already appointed Kate Hoey, the Labour MP and former Sports Minister, to ensure a grassroots sports legacy by ensuring that young Londoners become more active as a result of the Games.

Lord Coe, the Locog chairman, said: “David Ross is one of the UK's most successful businessmen. He is passionate about sport, and his interest in sport, combined with his strong commercial acumen, will make him an important part of the team as we focus on staging a truly memorable Games and on delivering a commercial programme that raises £2 billion of private funding.”