Kuehne+Nagel streamlines organisational structure
Country organisations to report directly to management board of Kuehne+Nagel International
The board of directors of Kuehne+Nagel International has approved a new direct reporting of the country organisations.
This change sets the course for further efficiency gains and profitable growth, says an official release.
"The change impacts less than one percent of our employees, the majority of whom will move to new functions," says a company spokesperson.
By simplifying responsibilities, the new structure will enable Kuehne+Nagel's business and functional units to sharpen their strategy in line with rapidly changing market developments and implement business decisions even faster, the release added.
"It will also ensure greater global consistency as well as customer proximity. The historically-evolved regional structure will be discontinued and responsibilities integrated into Kuehne+Nagel's Group functions, as appropriate. The Cluster and National Managers will report directly to the Management Board of Kuehne+Nagel International."
Joerg Wolle, Chairman, Kuehne+Nagel says: “With the discontinuation of the regional management levels, the Kuehne+Nagel Group is streamlining its organisational structure and creating the conditions for further efficiency gains, to be able to act even faster and more flexibly in an increasingly dynamic global trade environment.”
2023 net earnings down 48%
Kuehne+Nagel reported a 48 percent decline in net earnings at CHF 1.5 billion ($1.7 billion) for 2023 on 40 percent decline in net turnover to CHF 23.8 billion ($26.9 billion) "as business results normalised in 2023 following the special economic situation in the years 2021 and 2022."
Stefan Paul, CEO, Kuehne+Nagel says: "Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment. We adjusted our cost base to market conditions by intensifying restructuring measures in the fourth quarter. At the same time, we succeeded in gaining market share in sea logistics, especially in the SME segment. We signed two important acquisitions with Morgan Cargo from South Africa and Farrow from Canada. We are making solid progress toward our Roadmap 2026 goals."
Kuehne+Nagel expands in Asia, buys City Zone Express
Kuehne+Nagel has signed an agreement to acquire City Zone Express, a subsidiary of Chasen Holdings, a Singapore Exchange Mainboard-listed company.
Headquartered in Malaysia and established in 2006, City Zone Express has over 500 employees and operates in Malaysia, Singapore, Vietnam, Thailand, and China.In a stock exchange filing, Chasen Holdings reported that the deal has been signed with Kuehne+Nagel for S$67.4 million ($50 million). "The net amount expected to be received by the company, excluding certain minority interests, will be approximately S$57.7 million subject to adjustments."
