Deutsche Post Executive Steps Down Amid Restructuring

   By Max Bernhard and Nathan Allen

The head of Deutsche Post's (DPW.XE) corporate-incubations division Juergen Gerdes is stepping down and will leave the company at the end of the month, it said Tuesday, citing "diverging views on the future strategic focus of the company."

The decision comes days after Deutsche Post cut its guidance and announced a broad restructuring of its post, e-commerce and parcel division, which Mr. Gerdes had led for more than a decade.

Mr. Gerdes has worked at Deutsche Post for more than 30 years and was most recently head the new corporate-incubations division, which was created April this year.

He will be replaced by Thomas Ogilvie, who is currently responsible for personnel and labor on the company's board, Deutsche Post said.

On Friday the German logistics company slashed its estimates for the post, e-commerce and parcel unit's 2018 earnings before interest and taxes to 600 million euros ($707.5 million) from a previous estimate of EUR1.5 billion.

The company said it would launch a series of measures to boost productivity and remedy declining profits at the unit, as it confronts a structural shift toward parcel delivery, which entails higher costs than mail delivery.

Write to Max Bernhard at max.bernhard@dowjones.com and Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 12, 2018 12:51 ET (16:51 GMT)

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