Manuel Champalimaud says Portugal’s Post Office must, “either change or disappear”

The founder of Gestmin and largest shareholder in the privatised Post Office, CTT, commented in an interview with Expresso published this weekend, that his investment is “strategic” but that the business must be “unrecognisable” five years from now in order to survive.

Manuel Champalimaud claims his investment in the Post Office is not short-term, on the contrary, it is a long-term investment and that “we are in CTT to stay forever.”

“It is a business that I know and understand. The scale is national, one can seek synergies and take advantage of technological developments,” said Champalimaud, stressing that while the standard mail service is contracting, express letters and parcels are growing.

The businessman whose shareholding has increased to more than 12%, acknowledged that the company has to change and overcome the current “paralysis” in its structure, both with staff and infrastructure.

Regarding cries to nationalise the business, heard recently from left wing parties and from the unions, Champalimaud says that this is “pernicious political exploitation” and is just hunting for votes.

“Large companies are the preferred hunting ground for votes and CTT is the fourth largest employer in Portugal. There is a lack of quality in the unions,” he added.

Asked about the new requirements imposed by Anacom on CTT’s performance, Champalimaud said it is an “impossible formula”. “If they want to offer the basic postal service with such service delivery targets this will have to be from another company and the taxpayer will have to pay,” said the investor, summarising one of the current problems.

© algarvedailynews.com

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