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Board reshuffle at Cargolux
Economics

Board reshuffle at Cargolux

14.03.2012 From our online archive
Cargolux's vice president and finance chief has resigned from the freight firm to help develop the country's new free trade zone, while the board of directors also undergoes a reshuffle.

(JB) Cargolux's vice president and finance chief has resigned from the freight firm to help develop the country's new free trade zone, while the board of directors also undergoes a reshuffle.

David Arendt has been chief financial officer with the company since 1993 and took up the reins as executive vice president in May 2003.

No exact leaving date has been given, however Cargolux has said that he will leave before the end of the year.

In the meantime, Mr Arendt is expected to continue managing the financing of the company's 16-strong fleet, in particular fleet renewal.

Following the closing of the acquisition deal giving Qatar Airways a 35% share in Cargolux, chairman of the board of directors for LuxairGroup Marc Hoffmann has announced that he too will step down.

He will however retain his role as director. The baton of president will be passed to Albert Wildgen, a former lawyer and president to the Grand Duke's property management portfolio. Mr Wildgen will serve as an independent chairman to balance the board's representation from major shareholders Luxair and Qatar Airways.

Qatar Airways now has three board members, including its chief executive officer Akbar Al Baker.

Luxair will retain four of its representatives on the board, including Adrien Ney, who is to remain president and CEO of the company.

BCEE and SNCI each retain a seat on the board but their mandates will expire in the second quarter of 2012 when further changes are expected.