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Jan 5, 2006 (newstodate): Bruno Sidler, Panalpina's CEO, has offered his resignation and left the company.
His decision was prompted by "serious misconduct" of a manager at Panalpina Airfreight Management, who "deliberately and systematically" circumvented internal control mechanisms, hiding own incurred losses by manipulating the booking records over a period of 14 months.
The manipulated figures were discovered in mid-December by the management and the employee has been released after 20 years of service.
The incident will have a negative impact on the operating results for 2005 in the region of CHF 22m and of the respective 2004 results of some CHF 11m.
The Board of Directors has decided to press criminal charges against the negligent employee. Following Bruno Sidler's resignation, chairman Gerhard Fischer has taken over the CEO position on an ad interim basis.
His decision was prompted by "serious misconduct" of a manager at Panalpina Airfreight Management, who "deliberately and systematically" circumvented internal control mechanisms, hiding own incurred losses by manipulating the booking records over a period of 14 months.
The manipulated figures were discovered in mid-December by the management and the employee has been released after 20 years of service.
The incident will have a negative impact on the operating results for 2005 in the region of CHF 22m and of the respective 2004 results of some CHF 11m.
The Board of Directors has decided to press criminal charges against the negligent employee. Following Bruno Sidler's resignation, chairman Gerhard Fischer has taken over the CEO position on an ad interim basis.