All current members will step aside as part of the acquisition agreement.
Four DSV executives are in line to take seats at the Panalpina board table.
All current members of Panalpina’s board of directors will resign as the settlement of the public exchange offer by DSV. Thomas Kern had been elected chairman of Panalpina’s board in May.
Kurt Larsen (pictured above) will be elected chairman of the board of directors, with Thomas Plenborg, Jens Bjørn Andersen and Jens Lund joining as members of the board, a press release from Panalpina said.
Larsen is the chairman of DSV’s board of directors and Plenborg is its deputy chairman.
The four nominees will be proposed at the extraordinary general meeting July 16.
Andersen, DSV’s CEO, and Lund, the CFO, also are to be the members of the compensation committee.
“All current members of the board of directors of Panalpina World Transport (Holding) AG will resign with effect as of the settlement of the public exchange offer by DSV A/S,” the press release said.
DSV announced April 1 that it would acquire Panalpina in an all-stock deal worth about 4.6 billion Swiss francs ($4.6 billion).
The combined company, to be known as DSV Panalpina, will become the world’s fourth-largest freight forwarder with annual pro forma revenue of about 118 billion Danish krone ($17.7 billion) and a combined workforce of more than 60,000 employees.
“Size matters in our fragmented industry,” Andersen said at the time.
