De Post chairman urges for stop on takeovers

Pierre Klees, chairman of Belgian public postal group De Post, still has confidence in CEO Frans Rombouts. However, Mr Klees wants the management to stop making acquisitions and concentrate on consolidation. The modernisation of the company can indeed be done more gradually now that the EU Commission has postponed the liberalisation of the sector by at least three years.
Since Mr Rombouts’ appointment as CEO in early 2000, the postal company has already set up four new subsidiaries and made a score of acquisitions in fields complementary to its core activities, such as direct marketing and courier services. In spite of a political storm erupting last week after reports of privatisation plans, Mr Klees says the management is adhering to the budget and De Post may generate its best but one profit in the last 10 years. Abstracted from De Financieel-Economische – Tijd