Finnlines CEO resigns - once again

Board member Emanuele Grimaldi to serve as acting CEO while a replacement is found

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The President and CEO of the Baltic Sea operator Finnlines Plc is changing once again. On Monday Finnlines announced that its President and CEO Christer Antson had presented his notice of resignation to the Board of Directors. The Board had accepted the CEO’s decision.
      A search for a new CEO was initiated immediately. According to Finnlines, a member of the Board, Emanuele Grimaldi, will act as President and CEO for the company “on a temporary basis”, until a permanent replacement is found.
     
In its Stock Exchange bulletin, Finnlines failed to disclose the reasons for Antson’s departure from the firm, but according to a report on the Lloyd's List website there was "a disagreement with the board over future strategy for the Baltic ro-ro operator".
      Antson managed to put in less than two years as the head of the company. Before that, he acted as the Finnlines Executive Vice President, Corporate Financial Accounting and Administration, and Chief Controller.
      Antson’s predecessor, Antti Lagerroos, resigned from the post of the President and CEO of Finnlines in February 2007.
     
Finnlines’ majority owner is the Italian Grimaldi Group.
      Finnlines, which has suffered alongside others from the decrease of sea transportation of goods, announced last month that it would cut down expenditure and reduce its staff.
      The company has also considered giving up operations outside its core business activity, and Lloyd's List made reference to suggestions by Mr. Grimaldi that Finnlines had five or six vessels more than demand justified, a hint that redeliveries might be in prospect.
      The shipping company has roughly 40 vessels in operation, but actual owned tonnage consists of only four ro-ro and 16 ro-pax ships.


Previously in HS International Edition:
  Grimaldi Group plans to purchase remaining Finnlines shares (11.10.2006)
  Finnlines to reduce staff after losses in 2008 (19.2.2009)
  Grimaldis steamroller minority shareholders at Finnlines general meeting (21.5.2008)

Links:
  Finnlines press release
  Lloyd´s List news portal

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