Panalpina chairman Peter Ulber will not stand for re-election as chairman of the board at the next Annual General Meeting on 9 May 2019.
He said: “This decision is in the best interest of Panalpina and all of its stakeholders. The long term goals of the company are best served by electing an independent chairman of the board at this time to further improve on a best in class governance. This process will strengthen the company on its strategic path forward.”
The freight forwarder said this announcement is “in line with the previously communicated commitment by the company to evaluate the governance of the current board composition”.
Panalpina said the company’s Compensation and Nomination Committee, headed by Thomas E. Kern, will conduct a “thorough and expeditious search process for a new independent chairman”.
Before working at Panalpina, Ulber previously held various management positions from 1985 to 2011 at Kuehne + Nagel in Europe as well as North and South America. At the end of 2011, he went into business himself as co-founder and partner of the Charleston Enterprise Group LLC.
The Panalpina Group operates a global network with some 500 offices in around 70 countries, and it works with partner companies in another 100 countries and employs approximately 14,000 people worldwide.