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TNT Express CEO is 'unethical' to quit, says supervisory board boss

Tuesday 25 September 2012

Supervisory board members and staff at express delivery firm TNT Express have criticised the decision of CEO Marianne-Christine Lombard to move to a new job in the middle of the troubled takeover by UPS.

‘I am disappointed in Mrs Lombard,’ Antony Burgmans, head of the supervisory board, told the Financieele Dagblad.

‘What she has done is unethical,' he said. 'She is leaving a company with 70,000 workers in the lurch. It also breaks our agreement. We had an agreement she would remain until six months after the takeover has been completed.’

Timing

‘The time is reasonably unfortunate,’ said Sanne van Minderhout, chairman of the central works council. ‘It does not alter our confidence in the takeover by UPS but it does make workers uncertain if the CEO leaves. It would have been better if she waited until after the deal.’

Burgmans, who said Lombard would have been ‘very welcome’ at UPS, declined to say what the CEO’s new job will be. ‘She has opted for a new career path,’ he said.

Lombard will not now be able to claim the €2.5m she was promised for seeing through the takeover or a further sum for leading the integration of the two companies. ‘She will get what she is entitled to and will be paid until the end of this month,’ Burgmans told the FD.

Lombard was not available for comment, the paper said.

Review

A decision by the European Commission to review the takeover of TNT Express by UPS will delay finalisation of the deal until at least the fourth quarter of this year.

The Commission is looking at the effect of the takeover on the European express delivery market. According to the Financieele Dagblad, both companies had regarded European approval as a formality.

UPS agreed to pay €5.16bn or €9.50 a share for Dutch group TNT Express in March.
TNT Express was spun off when TNT Post split into its express arm and PostNL last year.


Do you agree? Have your say using the comment box below

© DutchNews.nl



 

Readers' Comments

I completely agree that Mrs Lombard (CEO TNT) leaving now is wrong and unethical. It's disgraceful to jump ship now at such a critical moment in this company's evolution. I truly hope she has not received a fortune due to 'takeover' and left 70,000 exceptionally anxious over their future.

By Peter Alt | 25 September 2012 10:48 AM

Disgraceful! A senior exec abandoning a company at a difficult time to take a job which probably pays more. All other CEOs are so ethical, she casts a shadow of shame on the business world.

By Bill C | 25 September 2012 11:08 AM

She has reneged on her agreement,and left before the 6 months post-takeover have been completed, so therefore she has broken her contract. I hope that ‘She will get what she is entitled to and will be paid until the end of this month,’ means, salary only, no bonus of Euro2.5million since she has not completed her part of the deal yet. I think Mr. Burgman should be more than just "disappointed" with her actions, and show his displeasure by letting it hurt her pocket. The Euro2.5million can then been shared amongst the 70,000 workers for their loyalty to the firm.

By jaycee | 25 September 2012 12:12 PM

Its just a job, I dont see the big deal. If the merger is troubled I cant blame her for wanting to do something else. TNT keep losing my mail so dont expect me to shed any tears over this sob-story...

By Sir Charles Moore | 25 September 2012 1:53 PM

Hi,
TNT Express CEO is 'unethical' to quit, says supervisory board boss. As the captain of the Costa Concordia did, you must be the first to leave a sinking ship. It could make your ethics wet.

By Terence Hale | 25 September 2012 2:53 PM

If the TNT Express CEO has breached her contract by quitting then the Company should sue her for breach of contract.

By Mr John B. Leonard | 27 September 2012 11:22 AM

 
 
 
 
 
 
 
 
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