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Mar 08, 2016 (newstodate): Aborted plans for an IPO were behind the recent deep management reshuffle at the Swedish/UK cargo carrier West Atlantic.
At an Extraordinary General Meeting on February 29, 2016, the shareholders decided to change the composition of the Board, as well as replacing Gustaf Thureborn, until then CEO and President and in an executive position with the company since 1995, with Fredrik Groth to serve as interim CEO until the 2016 Annual General Meeting.
-Essentially, we prepared the business in 2015 with a board that would meet an objective of taking the business through an IPO. The turbulence in the equity markets however caused us to reassess that decision and kick it down the road until the world returns to normal, says Russell Ladkin, West Atlantic Marketing & Sales director.
-That being the case we didn't need an expensive board that would have been fine for a post-IPO West Atlantic. So we decided that we would be better to re-instate the old hands into the board, which is now comprised of five, four of which are long-term shareholders - Goran Berglund as Chairman of the Board, the ATSG represented by Joe Payne, Tony Auld and myself - while Joseph Payne was re-elected member of the board.
-But yes... interesting times, however I'm certain that these steps are right for our business, investors, customers and staff at this time, says Mr Ladkin.
At an Extraordinary General Meeting on February 29, 2016, the shareholders decided to change the composition of the Board, as well as replacing Gustaf Thureborn, until then CEO and President and in an executive position with the company since 1995, with Fredrik Groth to serve as interim CEO until the 2016 Annual General Meeting.
-Essentially, we prepared the business in 2015 with a board that would meet an objective of taking the business through an IPO. The turbulence in the equity markets however caused us to reassess that decision and kick it down the road until the world returns to normal, says Russell Ladkin, West Atlantic Marketing & Sales director.
-That being the case we didn't need an expensive board that would have been fine for a post-IPO West Atlantic. So we decided that we would be better to re-instate the old hands into the board, which is now comprised of five, four of which are long-term shareholders - Goran Berglund as Chairman of the Board, the ATSG represented by Joe Payne, Tony Auld and myself - while Joseph Payne was re-elected member of the board.
-But yes... interesting times, however I'm certain that these steps are right for our business, investors, customers and staff at this time, says Mr Ladkin.