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Leadership Changes At Transend Worldwide

New Zealand Post announced today changes to the leadership of its international consultancy subsidiary Transend Worldwide Ltd.

Due to a need to reduce workload for health and lifestyle reasons, Drew Stein will relinquish the role of Managing Director on 31 March to take sick leave and then medical retirement on 1 May.

John Allen, currently Chief Executive of New Zealand Post's Letters and Enterprises business group, will take on the role of Acting Managing Director for Transend until the position is filled permanently.

New Zealand Post Chief Executive Elmar Toime said Transend would remain an independent subsidiary company exporting New Zealand Post's knowledge and systems throughout the world.

"As one of the few postal services in the world that is not only profitable but competing in a fully deregulated market place, New Zealand Post retains a unique position to provide strategic consultancy services to countries contemplating reform of their postal services.

"Over the next month we will take a fresh look at Transend's business plan with its staff. We will examine its cost structure and how resources can best be provided to deliver success for its customers and economic value for New Zealand Post and its owners, the people of New Zealand."

Mr Toime said Mr Stein had established Transend as one of the world's leading postal consultancies.

"Since joining New Zealand Post in February 1998, Drew has won substantial new business significantly contributing to profits of the New Zealand Post group. Subject to medical clearance, Transend will continue to draw on his expertise and knowledge of the international postal market."

Over the 12 months from 1 May until 30 April 2003, Mr Stein will be engaged by Transend as an independent contractor for up to 60 days for the sum of $80,000 - equivalent to a daily rate of $1,333 (including GST).

In accordance with standard contractual entitlements for medical retirement for New Zealand Post managers, Mr Stein will receive a payment equivalent to three-months salary and the pro-rata portion of any at-risk incentive payments due for the 2001 financial year.

ENDS

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