Press Release

David Kulik appointed as head of TPG's Logistics division

Publish Date : 4 August 2003 at 09:10 CET - The Supervisory Board announced today that David Kulik will be appointed as managing director Logistics.

David Kulik
Group Managing Director Logistics

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The Supervisory Board of TPG is pleased to announce that David Kulik (55) has been appointed to head up the Logistics division as Group Managing Director.

Mr. Kulik currently holds the position of Managing Director TNT Logistics North America and also leads the Transformation through Standardisation project, which was launched earlier this year to restore the operating margin of the Logistics business. In his new position, he will be responsible for all of TPG's worldwide Logistics activities and will become a member of the Board of Management.

David Kulik replaces Roberto Rossi (60), who will step down from his current role and will leave the company. The appointment of Dave Kulik will take effect per 1 September 2003 and is subject to compliance with statutory requirements. In accordance with 1991 contractual obligations that existed prior to the take over of TNT by TPG, Mr. Rossi will receive a severance payment of EUR 1,932 million.

David Kulik, a US citizen, has a broad business expertise in leading logistics operations. He joined the company in 2000 when TPG acquired CTI Logistx - a leading North American Logistics company - that was successfully built under the leadership of Mr. Kulik. In March of this year, he assumed responsibility for leading the "Transformation Through Standardisation" initiative, which he will now progress in his new position. The arrangements in the new employment contract of Mr. Kulik will take into account the recommendations of the corporate governance committee in The Netherlands.

Peter Bakker, CEO of TPG: "I am delighted with the appointment of Dave Kulik to lead our Logistics business through its current difficult phase which is key to establishing a firm platform for the future growth of our activities in this sector. His leadership capabilities, track record, knowledge and experience in this industry will prove invaluable to making our transformation plan a success and to building further on our worldwide leadership position in the Logistics business. We thank Roberto Rossi for his contribution to the company over the last twelve years."

Page publication date: 4 August 2003 at 09:10 CET