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TNT Express CEO Marie-Christine Lombard Resigns; UPS Deal To Continue

TNT Express (TNTEY.PK) said Monday that its chief executive officer Marie-Christine Lombard has resigned to pursue a career outside the Dutch package delivery company, and that the firm continues to expect to complete the $6.77 billion deal with U.S. rival United Parcel Service, Inc. (UPS: Quote) in early 2013.

The resignation was accepted by the Supervisory Board of the logistics firm. Lombard will leave the company by the end of this month.

The Supervisory Board has asked the current CFO, Bernard Bot, to take over as interim CEO. Mary Harris, a member of the Supervisory Board, will offer advice and support to Bernard and the rest of the management team.

TNT Express is being taken over by UPS. The two firms had announced the deal in late March, when UPS agreed to buy the Dutch rival for a sweetened offer of 9.50 euros cash per share. The transaction values TNT, Europe's second-largest package delivery firm, at around 5.16 billion euros. A formal offer was launched in June.

Antony Burgmans, Chairman of the Supervisory Board, said, "It is regrettable that Marie-Christine has decided to leave TNT Express now. We thank Marie-Christine for her contributions and wish her well for the future. This development has no bearing on the intended merger with UPS, which we expect to complete in early 2013."

Burgmans added that the underlying business remains robust and continues to be well managed by the Management Board. "We have complete confidence in Bernard's ability to lead the business and to see through the merger with UPS."

The stock is falling 4.65 percent in early morning trade in Amsterdam at 8.03 euros.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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