Damco has announced that it has divided its European operations into two separate regions, East and West Europe, in order to 'enable the right focus on different market priorities'.
As a result, the logistics group has appointed its global chief financial officer Nicholas Kyrzakos as the East Europe division's new chief executive, with Flemming Frost remaining as CEO of the West Europe division.
'The complexity of the European markets is large and diverse and in order to be more successful in these markets there is a need to work with quite different strategies between the more mature and the growth markets,' said Damco CEO Rolf Habben-Jansen. 'I am happy that Nicholas has agreed to take responsibility as CEO of Eastern Europe and I am confident that this will ensure efficient decision making and a high level of focus.'
Kyrzakos, who brings more than 25 years of experience to the job, called the role an 'exciting opportunity'.
'The European markets are full of very big challenges and I am looking forward to working to bring Damco to its full potential in the countries across the Eastern region,' he added.
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