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Panalpina announces that Peter Ulber will not stand for re-election as chairman of the board at the next Annual General Meeting on 9 May 2019

In line with the previously communicated commitment by the company to evaluate the governance of the current board composition, Panalpina announces that Peter Ulber will not stand for re-election as chairman of the board at the next Annual General Meeting on 9 May 2019.

Panalpina announces that Peter Ulber will not stand for re-election as chairman of the board at the next Annual General Meeting on 9 May 2019.

The announcement is in line with the previously communicated commitment by the company to evaluate the governance of the current board composition.

The company’s Compensation and Nomination Committee, headed by Thomas E. Kern, will conduct a thorough and expeditious search process for a new independent chairman.

Peter Ulber states: “This decision is in the best interest of Panalpina and all of its stakeholders. The long term goals of the company are best served by electing an independent chairman of the board at this time to further improve on a best in class governance. This process will strengthen the company on its strategic path forward.”