The board of directors at Panalpina has named CEO Peter Ulber as the company’s new chairman from May 10, 2016, when the next annual general meeting is to be held.

According to Panalpina, Ulber [pictured] succeeds Rudolph W. Hug, who has been chairman since 2007. Stefan Karlen, current CEO of the Asia-Pacific, will succeed Ulber as CEO during the second half of the year.

“The board and I are confident that Peter Ulber, with his extensive knowledge of the industry, is the right candidate to guarantee the future growth and success for Panalpina,” said Hug. “After almost a decade at Panalpina’s helm, I leave knowing that the company will be in good hands and well-positioned to deliver long-term value.”

Ulber joined the company in June 2013 as president and CEO. He previously worked in management at Kuehne + Nagel in Europe, North America and South America.

“Panalpina is now a fundamentally stronger company, making this the ideal time for me to concentrate on the strategic development and future direction of the group by handing over the day-to-day responsibilities to Stefan Karlen,” said Ulber. “Stefan Karlen’s proven track record of delivering results and in-depth knowledge of the freight forwarding and logistics industry, coupled with him having successfully led Asia Pacific, Panalpina’s most dynamic region, for the last three years makes him a formidable candidate. I look forward to supporting him in his new role to ensure a smooth and seamless handover.”

Karlen joined the company in 1997 and has worked in Europe, Africa, Central Asia and the Asia-Pacific. He became the managing director for Southeast Asia in 2012, and become regional CEO for the Asia-Pacific in 2013, according to Panalpina.

The Swiss logistics company reported a 2.5-percent drop in its air freight volumes and a 0.8-percent decrease in its ocean freight volumes in 2015, having transported 836,200 tons of air cargo and 1,593,900 TEUs.

“We have maintained profitability in a year that was characterized by a soft market, the low oil price, negative currency impacts and high IT investments on our end,” said Ulber. “The results prove our resilience in more difficult times. Excluding currency effects, EBIT even increased by 15 percent.”

Panalpina expects the air freight market to grow 1-2 percent and the ocean freight market to grow by 2 percent in 2016, but the company is aiming to outgrow that, according to Ulber.