Connect Group has appointed the former CEO of an American logistics supplier as its new chief executive, after a troubling set of results for the group triggered the resignation of Mark Cashmore last month.
Jos Opdeweegh has worked at the helm of a number of logistics and supply chain business in the US, notably working as CEO of Americold for four years.
He will assume the role at the beginning of September, but will spend time with the business during August to prepare for the handover.
His predecessor Cashmore, who has been in the role for 12 years, will remain at the business in the short-term to induct the new CEO.
In a statement sent to employees and seen by MT, Connect Group chairman Gary Kennedy said: “The appointment of Jos is a very positive development for the group.
“It should already be clear that he has extensive experience, with a track record of building business to the benefit all stakeholders. The knowledge, energy and fresh perspective he brings will help to shape our strategy, ensuring we can all share in a successful future.”
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Cashmore’s departure was announced in the wake of a profit warning in June, which said that the third quarter of its ongoing financial year had been “extremely disappointing”, resulting in “materially reduced” anticipated pre-tax profit.
CFO David Bauernfeind left the business with immediate effect in the fallout of the trading update last month, and was replaced by former Yodel CFO Tony Grace on 18 June.
The June announcement also contained the news that Connect Group will be closing parcel shop network Pass my Parcel, as it could not find a way to make the division profitable for the business.
Poor financial performance from Tuffnells was blamed in part on Pass my Parcel, because it was having to move parcel freight through its network, which is not designed for such an operation.
The IDW operator saw its turnover fall 12% year-on-year in Q3 to £43.5m (2017: £49.6m).
A spokesman for Connect Group told MT the closure of Pass My Parcel was underway and should be mostly completed by its financial year end at the close of August, but that contractual obligations meant some movements would continue in the short term.
