Contract renewal

Deutsche Post Boss Frank Appel Wants Second Bite

Has Deutsche Post boss Frank Appel set his sights too high? Credit: DPA
Has Deutsche Post boss Frank Appel set his sights too high?
  • Why it matters

    Why it matters

    Amid profit warnings and disappointing results, the Deutsche Post chief exec’s wish to hold onto his post comes as a surprise.

  • Facts

    Facts

    • Deutsche Post recently issued a profit warning while admitting profits were a half-billion below projections.
    • Frank Appel’s political ties have ensured Deutsche Post received a hefty increase on letter deliveries and the corporate freight business continues to perform well and generate strong profits.
    • Other divisions, however, are producing disappointing results.
  • Audio

    Audio

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Frank Appel’s contract as chief executive at Deutsche Post doesn’t conclude until  the end of 2016, but he’s already campaigning for an extension.

“I really enjoy the work and am interested in staying at my job longer,” he recently told a small group in Düsseldorf.

What’s remarkable about this statement is its timing. It came just days before Mr. Appel shocked shareholders with bad news and a profit warning for the world’s largest courier company.

The long overdue modernization of an outdated IT system in the freight division has failed disastrously while this year’s pre-tax profits of €2.4 billion ($3.0 billion) fell half a billion euros below projections.

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