TNT Express to move forward with new CEO

Washington DC
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TNT Express has appointed Tex Gunning as its new chief executive, effective from 1 June 2013.

The executive change comes weeks after the European Commission blocked the United Parcel Service's (UPS) €5.16 billion ($6.74 billion) takeover bid for the Netherlands-based company due to competition concerns.

Gunning will join TNT Express pending shareholder approval during a 10 April shareholder meeting.

TNT's current CEO Bernard Bot will continue to serve as chief financial officer for the company after Gunning's appointment, and interim chief financial officer Jeroen Seyger will take on a senior finance role.

Gunning has served on AkzoNobel's board and executive committee since 2009 and is now a member of TNT Express's supervisory board. He previously served as chief of staffing firm Vedior, overseeing its merger with Randstad in 2008.

TNT Express says it will provide a strategy update on 25 March, which will address a profit improvement plan the company is undertaking in light of the failed merger with UPS.

The European Commission officially rejected UPS' offer to acquire TNT Express in January after an in-depth investigation to determine if the proposed merger would hinder competition in the European economy. UPS submitted several remedies to the commission that included divesting TNT's subsidiaries in 15 countries.