Peter Bakker is to step down as chief executive of TNT after the separation of the Mail and Express businesses.
The company set out more details of the separation plan for financial analysts today (2nd December).
The plan is for TNT NV to demerge Express and thereafter only contain Mail activities. But it will retain a financial stake of 29.9 per cent in the Express business “to cover separation requirements”.
A new board of management will take over at Express with Marie-Christine Lombard as chief executive and Bernard Bot as chief financial officer.
In the Mail business there will new board of management headed by chief executive Harry Koorstra.
Internal legal and organisational separation is expected to be completed on 1st January 2011. The plan will then be put to a meeting of shareholders for final approval in May 2011. That will include the appointments to the new executive and supervisory boards.
Bakker has been with TNT for almost 20 years, of which the last ten as chief executive. He will remain in place until completion of the demerger. Piet Klaver, chairman of the supervisory board, said: “The supervisory board regrets Peter’s decision, but we respect and understand his decision just as we respect and highly appreciate Peter’s great contribution to TNT over such a long period.”
The group said that the stake in the Express business by TNT NV would be returned to shareholders as soon as possible.
For the Express business, there will be new reporting segments: Europe & MEA, ASPAC, Americas and Other Networks. The aim is to strengthen existing business and expanding into adjacent market segments.
Bakker said: “In Europe, Express has identified profitable growth opportunities in high-end standard parcels and freight and in sector-specific value-added solutions. In emerging markets, Express will continue to lead the way in the development of day-certain express services and further grow its intercontinental business.”
In the Mail business, talks are still going on with the unions about proposals for savings in the face of continued decline in mail volumes. “Mail Netherlands is currently hampered by an ongoing lack of agreement with the unions on the social consequences of the Master plan restructuring. Discussions with unions are constructive and continuing, while in the meantime the government-appointed investigator has commenced his work,” said Bakker.
