BRAMBLES RESTRUCTURES AFTER PROFIT WARNING
9 February 2017, Written by Laura Daquino
LOGISTICS company Brambles (ASX: BXB) is restructuring, just weeks after issuing a profit warning.
The Sydney company's CEO designate, Graham Chipchase, who will take over from Tom Gorman in March, says the 'flattening of the organizational culture' will allow him to be closer to all the businesses.
Bramble's CHEP business, which provides pallet and container pooling services across a range of industries, will be broken up into four divisions.
Each president - of Asia Pacific; Europe Middle East & Africa (EMEA); Latin America and North America - will report back to Chipchase.
The Brambles boss says this will streamline reporting and better help with the development of BXB Digital, core to the company's future plans.
Chipchase will remain CEO, Nessa O'Sullivan chief financial officer, and Jean Holley chief information officer.
With the new appointments, two executives will be leaving, including the current group president of pallets, Peter Mackie.
Mackie has been with the company since 2001 and will depart in mid July.
Jason Rabbino, who currently heads the containers division of Brambles, will leave the company in July too, after five years of service. The containers operations will no longer form a separate Brambles segment with the restructure.
Brambles will report its half-year results on February 20, which are set to be below guidance.
The company is the seventh most valuable ASX-listed company in Sydney.
Brambles is trading steady this afternoon at $10.43 per share.
Business News Australia