DX parts company with chief executive and finance director as under-fire logistics firm announces overhaul – Telegraph.co.uk

The two most senior executives at under pressure DX Group have exited the firm after a tumultuous period for the courier and logistics company.

Chief executive Petar Cvetkovic and finance director Daljit Basi have left the business with immediate effect little more than a month after activist investor Gatemore scored a victory against it by forcing a redraw of the terms of its proposed merger with part of rival John Menzies.

The UK-based activist, which owns more than 21pc of DX Group, had been vociferously opposed to the decision to splash £60m on merging with Menzies Distribution and had won the support of enough other investors to block the transaction when it came to a vote.

But under a revised offer agreed last month, the deal between DX and John Menzies Distribution will cost £40m – down a third from the original bid – as the company will now issue fewer shares. As a result, DX shareholders will own 35pc of the enlarged group rather than 20pc as initially suggested.

The company was also briefly under investigation by the City of London Police after allegations were made about its DX Exchange division. While a full-blown enquiry was ruled out by the police, they said they continued to work with the company to “highlight our concerns over a number of business processes within the lower levels of the company”.

DX parts company with chief executive and finance director as under-fire logistics firm announces overhaul – Telegraph.co.uk}