Mail Operator Deutsche Post CFO Allan To Retire Early

Post by **TrueBlueTerrier** » 04 Jan 2009, 06:45

http://www.allheadlinenews.com/articles/7013590899

Berlin, Germany (AHN) - Deutsche Post AG said Friday said that the company's Chief Financial Officer John Allan will step down on June 30, the company said in a statement.

Europe's largest postal service said it plans to end 60-year-old Allan's contract early in June this year.

"[Allan] has decided to retire from full-time work at his own volition," the Bonn, Germany-based company said in a statement on Friday.

Deutsche Post said Allan will remain as an adviser to Chief Executive Officer Frank Appel after retiring in the month of June.

The company had extended Allan's contract in early 2008 until the end of 2010. The company said it will appoint a new CFO soon.

"The Supervisory Board will name a successor to Allan in due course," the company said.

"John Allan will continue to fully perform his tasks on the Management Board of Deutsche Post World Net until the end of June and serve as a senior advisor to Chief Executive Officer Frank Appel afterwards."

Allan started working with Deutsche Post's management board in 2006, after the German postal operator finished the acquisition of Bracknell, England-based logistics company Exel PLC.

Allan, who was chief executive officer at Exel before the takeover, helped arrange the sale of a stake in Deutsche Postabank to Deutsche Bank for up to $13 billion.

He also aided in the mail operator's exit from DHL's unprofitable division in 2008 amid current global financial crisis and deepening credit crunch.

Deutsche Post is planning to hand out pink slips to as many as 14,900 employees in the United States to reducts its exposure to the market in the North American region. With the reduction in jobs, the company expects to lower almost $1 billion of annual losses from its DHL express business.

Shares of the company increased by almost 2 percent in Frankfurt trading on Friday. The stock of the postal company has dropped by as much as 48 percent from a year earlier period.