Netherlands-based TNT Express said it has appointed Jeroen Seyger as interim chief financial officer.
He previously was director of business control.
Seyger will do the job previously held by Bernard Bot, who was appointed interim chief executive officer on Sept. 24 following the abrupt resignation of CEO Marie-Christine Lombard.
Seyger joined TNT in 2003 and has held several executive positions, including group treasurer. Prior to joining TNT, he worked at Sara Lee and two investment banks.
The executive moves come as rival express carrier UPS attempts to complete a 5.2 billion euro ($6.5 billion) takeover of TNT agreed to by the companies earlier this year. Deal approval from the European Commission, which is looking into the impact on consumers from the merger of two of the four global parcel delivery companies, has taken longer than originally expected.
TNT is the second largest parcel carrier in Europe behind DHL.
UPS and TNT officials now say they hope to finalize the transaction early next year, but there are signs that competition authorities are having reservations about the combination of two industry powerhouses. Regulators could block a deal or seek remedies, such as requiring UPS and TNT to sell off some subsidiaries or otherwise truncate their merger.
Last week, Joaquín Almunia, EC vice president responsible for competition policy, expressed concern about the concentration of market power in a small number of big companies and whether FedEx and DHL would provide sufficient competition for rates and services. Making sure no monopoly effects arise from the deal is important because so many European businesses and consumers depend on cross-border document and parcel deliveries, he said.
FedEx is fourth among the global express companies in terms of pan-European parcel volumes.
The Wall Street Journal reported last month
that antitrust regulators are taking a much narrower approach to defining the market than UPS originally anticipated, examining competition on a country-by-country and even route-by-route basis rather than simply Europe at large. The analysis also is limited to the four big express carriers and does not take into consideration the services available from many smaller courier companies on the continent.
TNT handles almost 1 million shipments per day, including freight. It had revenues of 7.2 billion euros last year. - Eric Kulisch