LH Cargo extends contract with CEO Peter Gerber

Today (29 August) the freight carrier's Supervisory Board has given green light for a five year prolongation of Gerber's employment contract. The step comes as no surprise.

Peter Gerber - courtesy LH Cargo
Peter Gerber - courtesy LH Cargo

It was a unanimous decision taken by the board members, confirming Gerber in office for another five years, thus extending his term until 30 April 2022.
The manager is sitting in the freight carrier's driver seat since May 2014.
He took over responsibility at a time when LH Cargo still produced satisfying financial results but was hit in the year after by declining yields due to global overcapacity and reduced air freigh volumes.
As consequence, Gerber and his executive board members initiated a C40 called austerity program, aimed at saving €80 million annually, including axing up to 800 jobs mainly at the carrier's Frankfurt headquarters.
Simultaneously, Gerber and his team launched new product initiatives like td.Basic or myAirCargo in an attempt to stimulate growth.
Now having a new contract in his pocket his next important task is to decide on the carrier's future fleet structure. It will be interesting to see if LH Cargo will convert options for five Boeing 777 freighter aircraft into firm orders or skip the deal completely due to a lack of cash.

Heiner Siegmund

Write a comment

Comments: 0