Tag: Deutsche Post

Deutsche Post Chairman Klaus Zumwinkel came under fire Thursday for selling share options after it became clear the German government would push through a minimum wage for the sector.

Economics Minister Michael Glos queried the timing of the sale in remarks to the mass-circulation Bild newspaper

Deutsche Post rejected the criticism, saying there were only restricted windows when board members could sell shares, and Zumwinkel had made use of one of them in a legitimate way.

Deutsche Post surrenders its monopoly on delivering letters in Germany at the end of the year. It has already surrendered its parcel monopoly as part of the privatization process that began in 1991.

Zumwinkel, who sold his share options on Monday, cashing in 4.73 million euros to make a profit of almost 100 per cent, has been a vigorous critic of the postal liberalization programme instituted by the European Union.

Presenting half-year results in August, he referred to an “unparalleled slashing of worker benefits” and accused the European Commission of creating “chaos” in the postal market.

Deutsche Post’s competitors in Germany were paying 40 per cent less than the starting pay at Deutsche Post. “A stop must be put to this,” he said.