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Post Office boss resigns

cttlogoFrancisco Lacerda is to resign from the position of president of CTT.

The post office boss was in his third term at the helm of CTT and considered that a change of the company's leadership team was necessary.

 

CTT confirmed Lacerda's decision in a communication sent to the stcok market regulator.

João Bento, current a non-executive director, will be the new executive president of CTT.

Francisco Lacerda, who was in his third term, led CTT from 2012 and was responsible for the privatisation process of the company.

In the current mandate between 2017 and 2019, CTT is consolidating its Operational Transformation Plan and its Modernisation and Investment Plan.

The company also is developing CTT Bank.

Today’s share price of €2.34 is well below the privation price.

The sale of CTT, pushed through by the Pedro Passos Coelho government, yielded over €900 million to the Treasury and was achieved in two stages: in December 2013, the State sold 70% of the company's shares at €5.52 a share, and in September 2014, sold 30% at €7.25 per share.

Francisco Lacerda and his board have overseen a dramatic collapse in shareholder value.

Comments  

-1 #3 curious 2019-05-12 07:46
Quoting Peter Booker:
Perhaps he is going back to composing.

How big is his Pension i wonder?
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-2 #2 Jim Williams 2019-05-11 11:01
Other than being splendidly well connected what is the prior experience that matches the job requirements to be a President of a Government body or Head of Regulation in Portugal? Time and again we, the general EU public, belatedly discover that oversight and control were exactly the qualities NOT sought by the appointment committees.
Yet again reminding us that the 1974 alleged Revolution was entirely manufactured as a face saver to get the military out of the ruinously expensive colonial wars. If there had been any intention to let the hoi poloi input then the military would have stormed, not protected, the PIDE Secret Service archives. Thereby the ordinary Portuguese learning more about who did what and why during the Salazar years. Instead these were guarded as they still are today, in case they need to be dipped into to warn off some wayward offspring of a Dictator-era troublemaker. So not delivering the transparency and chance to move on in Portugal that German unification and opening the Stasi files gave its people.
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0 #1 Peter Booker 2019-05-11 08:39
Perhaps he is going back to composing.
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