Panalpina’s CEO leaves company due to employee misconduct
By SwizStick • Jan 4th, 2006 • Category: 3PL
The story is here.
The employee — who was not identified — had been trying to cover up mistakes he had made in buying expensive airfreight capacity on trans-Atlantic and trans-Pacific routes, Basel-based Panalpina Welttransport Holding AG said in a statement.
“Group CEO Bruno Sidler has — as a consequence of this incident — offered his resignation and has left the company,” the company said. Chairman Gerhard Fischer takes over as chief executive on an interim basis.
The employee responsible has been fired and Panalpina will press criminal charges, it added.
From the article it sounds like the board liked Bruno Sidler and is worried about finding a permanent replacement. But if Sidler was such a good CEO in high regard, then why would he tender his resignation for something another employee did? Was he directly responsible for this individual? Was he somehow directly involved with what was going on and Panalpina does not want to tell us? There is always something deeper going on in these cases.
Any Panalpina employees out there who can shed a little more light on the subject?
Stumble it!
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Customary that a responsible CEO on whose watch such a fraud was perpetrated leaves the company. It’s the honourable thing to do. True, he was an excellent CEO and a very pleasant man to talk strategy and indistry chit chat with. Bruno had a clear veiw of the industry trends and a clear approach to make the most out ofi for his ersthwile employer. They have lost a prime asset, and made a dream come true for his mext employer. I suspect he’ll be paying more attention to internal auditing and controls, but that is not what CEOs should be spending most of his time on. All in all, this episode might be indicative that Sidler had not succeeded in surrounding himself with enough top staff on his bench whilst some of his competitors have tried and tested teams (e.g. K & N)