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Today's News , 2003
• USF Names DiStasio President, CEO Kulik Steps Up at TPG  Reprint permission
Dutch mail, express and logistics services provider TPG N.V. has picked David G Kulik to head its logistics division as group managing director. Peter Bakker, TPG's chief executive officer, expects Kulik to revive the group's ailing logistics business. Jeffrey D Hurley will replace Kulik as managing director and chief operating officer of Jacksonville, Fla.-based TNT Logistics North America. TPG, which operates under the brand names TNT and Royal TPG Post, reported first-half 2003 group revenues of $6.656 billion, a one percent increase over the previous year and slightly better than expected. Growth continues to be impacted by weak economic conditions and currency movements, the company said. The mail and express businesses performed well in the first half of 2003, but logistics is still in the doldrums although "the decline has now stabilized," the company said. Contract wins in the second quarter of 2003 lifted the division, but business volumes remained flat. The underlying operating margin in the second quarter fell to 3.6 percent compared to 5.4 percent during the same period last year. Taking one-off charges into account the second-quarter margin declined to 2.2 percent. Three European business units, France, Italy non-automotive and Germany, accounted for most of the decline, with the United Kingdom, North America and Italy automotive performing robustly, the company said. The laggard business units were created largely through acquisitions, and have had integration problems. Kulik, who was in charge of TNT Logistics North America since 1994, will take over from Roberto Rossi who is leaving the group. TNT's global logistics operations employ 36,000 people in 36 countries, and posted revenues of $ 4.1 billion in 2002. Kulik also has joined TPG's Board of Management.
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