Troubled Cargoitalia appoints new board

Cargoitalia has appointed a new board of directors in the wake of the departure of chief executive officer Massimo Panagia and chairman of the board Stan Wraight.

In a statement the airline said that: “With the recent yearly shareholder’s meeting of Cargoitalia which appointed a new Board of Directors, the company entered into a new industrial phase that sees, through the new president and chief executive officer Holger van den Heuvel and the chief financial officer and director, Paolo Giacometti, the involvement of the shareholders – together with the current staff – in the management.”

The company maintains that from a commercial standpoint, Cargoitalia will focus on a progressive improvement of the service level, both in terms of frequencies and destinations, and in this respect the company has recently applied for new traffic rights to destinations in South Africa, Middle East and Latin America. From an economical standpoint, the company has already started to re-discuss the relationship with its main suppliers, to optimise its cost structure and to define a more efficient and proactive organisation.

“The commercial alliances, one of Cargoitalia’s strategic assets, will see further consolidation and development in order to cope with an increasingly difficult environment which, however, still bears many interesting opportunities both locally and globally,” the statement concluded.

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