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UPDATE 2-UTi Worldwide says to cut several senior positions
2015年1月27日 / 晚上11点34分 / 3 年前

UPDATE 2-UTi Worldwide says to cut several senior positions

(Adds company’s response)

Jan 27 (Reuters) - Troubled logistics company UTi Worldwide Inc said it would cut several senior positions and no longer maintain regional infrastructure as a way to reduce costs, just a month after Edward Feitzinger took over as chief executive.

The company said it also expected to cut jobs worldwide, but gave no details on numbers.

The job cuts would primarily affect the freight-forwarding business, UTi said in an e-mail.

UTi has been struggling with falling freight revenues and posted its eighth straight quarterly loss in December.

Feitzinger replaced Eric Kirchner, who had led the company for six years.

UTi said it would shift management of its freight forwarding business to a global leadership structure managing about 17 discrete geographic areas. Previously, the business was managed from four regions.

UTi, which acts as a broker between shippers and freight companies, had about 21,000 employees as of January 2014.

The restructuring will result in annual savings of $30 million to $40 million, UTi said.

UTi’s shares were little changed in after-hours trading after closing at $11.47 on the Nasdaq on Tuesday. The stock lost nearly a third of its value in 2014. (Reporting by Ramkumar Iyer in Bengaluru; Editing by Simon Jennings)

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