Deutsche Post denies chairman Zumwinkel wanted to quit after RegTP decision

Deutsche Post World Net AG (DPWN) denied a report that

chairman Klaus Zumwinkel considered stepping down in reaction to postal regulator RegTP’s decision to force cuts in postal rates.

“He did not consider resigning. I can deny that,” Martin Dopychai, company spokesman said.

Citing sources close to the chairman, Sueddeutsche Zeitung reported that it was only due to the persuasion by management board members that Zumwinkel decided not to resign at the beginning of the week.

The chairman was enraged over the forced rate cuts, which in his view are politically motivated just before the general elections in September, said the paper.

DPWN said yesterday it calculates that revenues and earnings should decrease by a total of around 1.5 bln eur for the whole of 2003-2007 if RegTP’s decision is implemented as envisaged.

In response, Deutsche Post may increase prices in certain areas, close branches, and cut up to 10,000 jobs, it said.