John Menzies completes management reshuffle with new CFO

posted on 14th October 2019 by Eddie Saunders
John Menzies completes management reshuffle with new CFO

Aviation services group John Menzies has announced the appointment of former Swissport finance chief Alvaro Gomez-Reino as its chief financial officer, completing a management reshuffle amid increasing troubles in the aviation sector.

Apart from Swissport Group, which is the Swiss cargo handling unit of China’s HNA Group [HNAIRC.UL], Gomez-Reino has also held finance positions at Amey plc and Ferrovial.

Menzies, which offers ground handling, fuelling and cargo handling services for airlines, is looking to boost profit through cost cuts and is considering strategic and structural options for the company.

European airlines have warned of a challenging market in terms of lower passenger numbers and stagnating cargo volumes, while higher fuel costs, competition among budget airlines and a slowing economy have also weighed on the aviation sector.

In July, Menzies named industry veteran Philip Joeinig as chairman, replacing Dermot Smurfit.

John Menzies, which swung to a loss in the first half, was battered by the fallout from the global grounding of Boeing Co’s 737 MAX jets.