Former boss of CityLink moves to TNT as finance chief

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The former finance director of the City Link, the delivery company which left around 2,700 people out of work when it collapsed over Christmas, has been hired by the Dutch logistics giant TNT.

Robert Peto has been appointed as finance director at TNT UK with immediate effect, the company confirmed.
Read more: FedEx plans to deliver in Europe with TNT bid

His new position comes little over three months after Mr Peto's former employer City Link controversially entered administration on Christmas Day. It was losing around £500,000 a week when it failed.

He joined City Link in October 2011 and before that had a glittering CV in the transport and logistics sector, spending eight years at Parcelforce and nine years at Geopost UK.

Peto said he would be working closely with senior management in his new role. “It is an exciting time for TNT in the UK and globally," he said.
Read more: City Link owner attacked for 'abandoning' staff

Mr Peto will replace Jon Downing, who has retired after more than 30 years with the business.

He joins the business at a time when it faces a tough 2015, with increased competition weighing on delivery prices. TNT warned in February that it expected adverse trading conditions to continue in its main western European markets.

The company recorded a €53m (£39m) operating loss for the final quarter of 2014, compared with a €79m profit in the same period in 2013. TNT expects to invest €800-900m in 2015-2017, with restructuring changes of €250-300m planned for the period. It is looking for a net cost reduction of €125m by 2018.

[maisymoo04]

Oooopppppsss

[whattheheck]

Just about sums up TNT