All change for Damco
06 / 03 / 2011
DENMARK-headquartered freight forwarder Damco has seen a recent change in profits as well as people.
Total 2010 revenues were up US$500 million, thanks in part to the 75,000 tonnes of airfreight shifted in 2010, a 24 per cent growth compared to the previous year. Damco’s EBIT rose by $40 million year-on-year.
With the news of two management members of Damco UK and Ireland quitting over reported differences in accounting policies it seems money does not always bring happiness, however.
Managing director Aron Newton and finance director Shaun McLean leave for pastures new. In early March 2011 Damco appointed Paul Gallagher as chief executive officer in the UK and Ireland. Gallagher has 30 years experience within the shipping, logistics and forwarding industry. The company has also appointed Simon Joslin as director of strategic development in the UK and Ireland.