CEVA Logistics CEO Pattullo retires, chairman Schlanger to take over

NETHERLANDS-based CEVA Logistics has announced the retirement of its CEO John Pattullo, who will remain on the board, and is to be replaced by company chairman Marvin Schlanger.

Said Mr Schlanger: "When John came to CEVA, he expressed his expectation of staying five years. Under his leadership, the integration of TNT Logistics and EGL was successfully executed and the end to end operating model developed.

"All this allowed CEVA to serve customers better and to grow faster than the market. We thank John for his strong leadership, and look forward to his continued guidance as a member of our board," Mr Schlanger.

Mr Pattullo took the reins at CEVA five years ago following Apollo's buyout of the former Eagle Global Logistics, which was combined with its previous acquisition of TNT Logistics to form CEVA.

During his tenure, CEVA became the sixth largest outsourced logistics provider in the world, based on revenue, which came to US$9.6 billion in 2011. CEVA is the 10th largest ocean forwarder by some estimates and its recent deal to manage ocean freight for Heinz Co could soon take it to seventh or eighth place in the ocean rankings.

The company is rapidly growing in China, where it draws annual revenues of US$1.2 billion. But the sluggish global economy and the company's high debt load from the Apollo acquisitions have kept profits down. CEVA reported an $88.5 million loss in the second quarter, which it attributed to weak transpacific volume and the recession in Europe.