TNT Express names Jeroen Seyger as interim finance chief

TNT Express has appointed Jeroen Seyger as its interim chief financial officer prior to the company’s proposed sale to rivals UPS. Seyger stands in for Bernard Bot, who stepped up as interim chief executive two weeks ago following the unexpected resignation of CEO Marie-Christine Lombard.

The new interim CFO was most recently director business control at TNT Express. He has held a number of senior management positions in the Netherlands-based company’s finance department over the past nine years, including group treasurer.

Before joining TNT Express in 2003, Seyger was at companies including Sara Lee, ABN AMRO and Rabobank.

Bot said of his temporary replacement as CFO: “Jeroen’s financial and business experience inside and outside the company, plus his involvement in recent strategic projects, gives me great confidence.”

TNT Express is currently the EUR 5.16bn acquisition target of US integrator UPS, which is currently waiting for clearance by the European Union’s antitrust officials before it can conclude the deal.

Last week the EU’s antitrust czar Joaquin Almunia said his team was currently assessing whether the combined TNT-UPS company would see sufficient competition from rivals DHL and FedEx within Europe, a key determinant for whether the EU Commission will allow the deal to go ahead.

UPS and TNT Express are of the opinion that the acquisition, based on an offered share price of EUR 9.50 per share, will go ahead in early 2013.

TNT Express generated about EUR 7.2bn in revenue in 2011, delivering around 1m consignments each day across the world.

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