Peter Ulber will not stand for re-election as chairman of the board of Panalpina at the next Annual General Meeting on 9 May 2019.
The company’s compensation and nominated committee, headed by Thomas Kern will conduct a thorough and expeditious search for a new independent chairman.
Ulber says: “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.”