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Finnlines goes back to the Grimaldis

[ November 14, 2013   //   ]

Emanuele Grimaldi, joint owner of the Grimaldi Shipping group is to take back full control of subsidiary company Finnlines, following Uwe Bakosch’s request to leave his post as CEO and president to concentrate on heading German subsidiary Finnlines Deutschland.

Emanuele Grimaldi, who, together with his brother Gianluca and brother-in-law Diego Pacella controls the Naples-based shipping conglomorate, has taken on the roles of Finnlines president and chief executive officer.

In a letter to Finnlines stakeholders, he pointed out that he had acted once in this double role during the first six months of 2009, following losses of EUR11m a month as a result of the financial crisis.

He said: “Due to my intervention, the company was brought in a very short time to a substantial break-even final line result. Therefore I left the top management position in June 2009. Unfortunately, during the last four years and a half, despite the efforts of the management and some capital and cash injections by the Grimaldi Group and the other shareholders, my hopes of a gradual return to a significant profit have not materialised and the company is still floating in a territory of around zero profit results.

“This trend has to change. That is why, following Mr Bakosch’s decision, I am taking back the direct and full control of the management in the interest of the Company shareholders and other stakeholders.”

He promised to instill a more entrepreneurial attitude, to “spread passion for working long hours, if necessary, and will set a true hunger for profit and value creation for the benefit of the company.

Also, “a more international mindset is also needed in order to achieve the ambitious goals I have in mind. Finnlines has to combine and benchmark its potentially excellent features with the strengths, the economies and the resources of the Grimaldi Group network. And this will inevitably lead Finnlines’ management to think globally.”

He added that he was committed to reduce further both the debt ratio and the overall financial exposure of Finnlines

He also pledged to continue the work carried out after the 2008 crisis, to cut fuel consumption, unproductive services and other costs, as well as to boost productivity, especially in the port sector.

An international team of engineers has also been set up for the whole Grimaldi Group to investigate the best options for new technology.

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