Panalpina chairman Peter Ulber is to step down at the company’s annual meeting on 9th May next near.
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 company said the move was “in line with the previously communicated commitment by the company to evaluate the governance of the current board composition”.
The compensation and nomination committee will now launch a search for a new independent chairman.
Ulber joined Panalpina in June 2013 as president and chief executive, and was elected chairman in May 2016. Before joining Panalpina, Ulber spent 26 years with Kuehne + Nagel, including a spell based in the UK heading K+N’s North West Europe region.