Panalpina losses signal management shake-up
16 / 03 / 2010
PANALPINA’S disappointing airfreight slump in the last quarter of 2009 has heralded a major reorganisation of senior management at the company.
The company has combined the sales, procurement and operations functions under the leadership of the chief operating officer, Karl Weyeneth. Meanwhile, former chief product and procurement officer, Dominik Tichelkamp, has decided to leave the group. Sandro Knecht, current chief of marketing and sales, and supply chain management officer will also receive a new position in the near future.
The company lost US$10.2 million in the last three months of 2010, compared to more than $8 million in profit the year before. Net revenues fell from $2 billion to $1.45 billion. Full-year profits fell to $9.3 million from $105.5 million in 2008.
“Although we reacted quickly on the cost side and increased productivity, the measures taken could not compensate for the sharp fall in volumes and a rapid increase in buying rates in the second half of the year,” said chief executive officer, Monika Ribar.
“Panalpina believes in a moderate recovery of both the airfreight and ocean freight markets with mid single-digit growth rates,” she added.