TNT Express CEO resigns prior to UPS acquisition
Marie-Christine Lombard has stepped down as CEO of TNT Express and will be replaced by chief financial officer Bernard Bot in the interim. Despite this move, TNT Express personnel said the company’s €5.16 billion acquisition by rival UPS won’t be affected.
“This development has no bearing on the intended merger with UPS, which we expect to complete in early 2013,” Antony Burgmans, chairman of TNT Express’ supervisory board, said in a statement. “Moreover, the underlying business remains robust and continues to be well managed by an experienced management board. We have complete confidence in Bernard’s ability to lead the business and to see through the merger with UPS.”
A UPS spokeswoman echoed Burgmans’ remarks, telling Air Cargo World that the “internal matter for TNT Express” will have no impact on the proposed merger.
Even so, UPS’ acquisition of the Dutch delivery company has hit some snags lately. Earlier this month, UPS revealed that delays in the European Union’s antitrust probe are preventing the deal from closing in the fourth quarter of 2012, the previously announced date.
Lombard’s departure is the latest development in the UPS-TNT Express merger, which was originally announced in March. The outgoing CEO served as group managing director of TNT N.V.’s express division until it spun off from the now-defunct company in 2011; Lombard immediately assumed the helm of TNT Express following the demerger.
Burgmans said it’s “regrettable” that Lombard has chosen to leave TNT Express at this time. “We thank Marie-Christine for her contributions and wish her well for the future,” he added.