Share article:
Share article:

Bpost shares suffer amid management turmoil

Credit: Belga

The shares of Belgian post group Bpost suffered on the Brussels Stock Exchange on Wednesday.

After half a day’s trading, it posted a loss of 4.84%, one of the biggest falls, while the stock markets in Europe showed a recovery. The Bel20 in Brussels was up 1.1% at midday.

The postal company had confirmed Wednesday morning the departure of Henri de Romrée, the CEO of its American subsidiary Radial, by the end of the year. De Romrée will return to Belgium for family reasons, the group announced.

However, Flemish daily De Standaard alleges that he’s leaving because “he no longer sees the cooperation with (Bpost) CEO (Jean-Paul) Van Avermaet as a good idea.”

Van Avermaet is facing increasing criticism since news broke that he may have been aware of price fixing in the Belgian security sector, as a former top executive for security company G4S.

Related Articles

 

Both the Belgian Competition Authority and the US Department of Justice are investigating this price fixing.

Due to these investigations and “a great deal of mistrust” among management as De Tijd reported, headhunter Egon Zehnder is informally looking for Van Avermaet’s replacement, both De Standaard and De Tijd reported.

The many changes inside the company are also influencing unions, who are becoming frustrated. “This company needs stability,” Jean-Pierre Nyns of socialist trade union ACOD said in De Tijd, as coronavirus is forcing the company to “quickly transform into an e-commerce company.”

Jason Spinks
The Brussels Times

Latest news

Masks reintroduced indoors, teleworking encouraged
Masks will again be mandatory inside shops and other indoor public spaces, Prime Minister Alexander De Croo announced in a press conference on ...
Belgium intends to activate the pandemic law, says Health Minister
"We intend to activate the pandemic law," Public Health Minister Frank Vandenbroucke confirmed on Tuesday in the House committee, ahead of Tuesday's ...
Offers for fake Covid Safe Tickets circulating on social media
As the Covid Safe Ticket (CST) becomes mandatory in many places across Belgium, offers for forgeries are increasingly circulating on social media. ...
EU auditors: More worried about the future budget than about pervasive errors in the 2020 budget
The European Court of Auditors (ECA) have signed off the 2020 EU accounts as giving a true and fair view of the union’s financial position but like ...
Belgium aims to tackle sexual violence with video interrogations
The federal government is looking to tackle sexual violence and increase convictions connected to this crime by relying more heavily on video ...
Duvel celebrates 150th anniversary with special brew in commemorative bottle
Belgium’s Duvel Moortgat Brewery is celebrating its 150th anniversary with the release of a special brew in a commemorative bottle shaped like its ...
Pollution scandal: 3M to show emissions don’t pose risk or halt production
Flanders has ordered American company 3M, involved in a pollution scandal in Antwerp, to prove that emissions linked to its production activities do ...
The Netherlands fears a greater rise in sea levels than forecast
Sea levels could rise by up to two metres by 2100 on the Dutch coastline – far more than previously forecast – according to an announcement from the ...
The Smurfs return to Belgian TV with the first new show since 1989
A new Smurfs show is bringing the characters of Belgium's second-most-famous comic franchise back to the small screen with their first new series, 30 ...
On this day in Brussels: An entrepreneurial journey begins
The Rue Dansaert was just beginning to become trendy when Alain Coumont opened his first bakery here on 26 October 1990. He started by baking big ...
Almost half of Belgian subsidies from EU left unused
Belgium left almost half (49%) of its subsidies allocated by the European Union between 2013 and 2020 unused, the equivalent of around €1.375 ...
Visitors to embark on Orient Express adventure at Brussels exhibition
An exhibition dedicated to the Orient Express – the train that was the scene for many novels, including Agatha Christie's – allows visitors to ...