Swiss logistics group Kuehne & Nagel (K&N) has revealed that Klaus-Michael Kuehne is standing down from the position of chairman of the company jointly founded by his grandfather 1890.
Following Mr Kuehne's a recommendation to the board of directors, executive vice-chairman Karl Gernandt has been elected as his replacement.
'The Kuehne & Nagel Group is well positioned among the leading global logistics providers, has maintained a remarkable course of success and strives for sustained growth,' Kuehne noted. 'Based on this, I have decided to pass further responsibilities into younger hands.
'I am convinced that Mr Gernandt as my successor in the function as chairman will ensure stability and continuity, fostering the company’s further development,' he added. 'As majority shareholder and member of the board of directors my dedication to the Kuehne & Nagel Group remains unchanged and I will continue to support expanding its leading position in the global logistics industry.'
Kuehne has been named as honorary chairman of K&N International, and will remain a member of the board of directors' nomination and compensation committee.
In addition, K&N have announced that Peter Ulber will not extend his contract with the management board beyond the end of the year.
