New CEO for TNT Express

The resignation of Marie-Christine Lombard left TNT leaderless at the most difficult point in the UPS takeover process. When the European Commission killed any hope of a takeover at the beginning of this year, TNT was more than ever in need of strong leadership as it faced an uncertain future on its own. The company’s Supervisory Board has finally addressed the issue, announcing the appointment of Tex Gunning as CEO, effective 1 June. In the meantime, former CFO Bernard Bot will continue as interim CEO, returning to his CFO role when Mr. Gunning takes over in June.

The choice of Tex Gunning appears to have been made on the basis of his general business experience and his track record of turning around troubled companies, rather than on a history in the express industry (although he does currently sit on TNT’s Supervisory Board). Here is what TNT had to say about him when the announcement was made:

TNT’s European operations are reasonably strong, but given the company’s problems in China and Brazil, and the general weakness of the European economy, Mr. Gunning will have a tough job. We wish him, and all at TNT Express, the best for the future.

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