Brambles shares fall as Americas CEO departs
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More news: Brambles shares dipped at the start of trading on the ASX, after the logistics group announced the departure of its Americas CEO Xavier Garijo after just six months due to "cultural differences".
Shares lowered 2.8% to $14.13 by 10:30am AEST.
Brambles' Americas CEO exits due to 'cultural differences'
The news: Logistics company Brambles has announced that the CEO of its subsidiary CHEP Americas, Xavier Garijo, will leave the business after six months due to "cultural differences".
The context: Garijo led CHEP Americas since January in a newly created position, overseeing Brambles' Americas operations which combined the previously separate CHEP North America and CHEP Latin America business units.
Following Garijo's exit, Brambles will return to its previous structure, with current CEO of CHEP Europe, David Cuenca, to assume the role of CEO of CHEP North America, effective immediately. Paola Floris will continue to lead the CHEP Latin America business and will now report to Brambles CEO Graham Chipchase.
The company said that an announcement on the leadership of the CHEP Europe business will be made in the next two weeks.
What they said: "We have appreciated the energy and significant skills Xavier has brought to the role however, due to cultural differences, we have mutually agreed that a different leadership is better suited going forward," Chipchase said.
David Cuenca said: "I am excited to lead the CHEP North America team through its next phase of growth, focused on unlocking significant value for our customers and business through exceptional service and operational excellence".
The source: ASX announcement
