MS: DP-DHL Group CEO on Post renaming – 'what's on it should be in it'

MARKETSCREENER writes:

BONN (dpa-AFX) – Post chief Tobias Meyer has defended the renaming of the Bonn-based logistics company to DHL Group against criticism. The mail business is part of the company’s history, but its revenue has been shrinking for years, the manager said Tuesday. Parcel delivery and other DHL services, on the other hand, were growing. They accounted for 93 percent of group revenue in the first quarter, he said. “What’s on it should be in it, and that’s what DHL is.” The new name would make things easier for investors on the global stage.

The renaming of Deutsche Post DHL Group to DHL Group comes into effect on July 1. Federal politicians had reacted to the move with incomprehension and surprise. SPD member of parliament Sebastian Roloff called the decision incomprehensible. He doubted any benefit. On the stock exchange, the Group continues to trade as Deutsche Post AG. Changing this name would be too costly, because then various contracts would also have to be changed, Meyer said.