September 3, 2012 / 1:50 PM / 5 years ago

UPDATE 1-Dutch PostNL shakes up senior management

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AMSTERDAM, Sept 3 (Reuters) - Dutch postal group PostNL , under pressure to improve its performance as domestic mail volumes decline, announced the first management shake-up since chief executive Herna Verhagen took the helm.

Three senior staff are leaving, the company said on Monday, which means the board will consist of Verhagen, chief financial officer Jan Bos and an executive committee of four managers responsible for the day-to-day business.

PostNL warned in August that its full-year profit would be at the low end of its target range as it struggles to overhaul its domestic business.

Gerard Aben, currently a board member, will retire in the first quarter of 2013: his successor will not join the board.

Ger Jacobs, PostNL’s commercial director, and Pieter Kunz, operations director, have decided to leave, the company said, citing the new management structure.

“These changes are a catalyst for the desired changes in culture,” Verhagen said in a statement.

Verhagen, a member of the board of management responsible for parcels and international operations, took over from Harry Koorstra who quit unexpectedly in April.

PostNL is the largest shareholder in TNT Express, the parcel delivery company being bought by United Parcel Service for 5.2 billion euros, and expects to receive a substantial cash payment for its stake.

However, the deal has been delayed as European Union antitrust regulators stepped up their investigation into UPS’s bid in July, saying they were concerned about the combined company’s large market share.

PostNL shares were down 0.4 percent after the announcement. The stock has fallen more than one third from its high this year of 4.56 euros, hit on Feb. 20 on news that UPS was in talks to buy TNT Express. (Reporting by Anthony Deutsch and Sara Webb; Editing by Erica Billingham)

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