Bpost's review shows non-compliance with policies, CEO leaves

Belgian postal operator Bpost BPOST said on Friday that a previously announced review had revealed non-compliance with its policies and indications of non-compliance with applicable laws, calling an end to its boss' mandate.

"The review has been extended to the current concession for the distribution of newspapers and periodicals in Belgium, which revealed elements that may indicate potential violations of applicable laws," the group said in a statement.

Bpost had communicated about it on Oct. 24.

The firm, whose shares were suspended earlier on Friday, added that the board and Chief Executive Officer Dirk Tirez had decided to "mutually terminate their collaboration", as well as with two other persons - which Bpost did not name.

"We are well aware of the gravity of the situation and that the trust of our customers and employees may be affected by these revelations," President of the Board Audrey Hanard said.

The company said it will search for a new CEO, without providing further details.

"I can assure you that operations wise it is running smoothly in all three business units," Hanard added.

Bpost cut last month its 2022 earnings forecast, warning that record low consumer confidence could hit volumes in the peak holiday season.