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Covetrus Announces New Structure, Focus and Strength within Europe
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Covetrus (Nasdaq: CVET) has announced a new organizational structure for its Northern and Central Europe operations as part of its three-year strategic plan. The company will create a DACH headquarters in Düsseldorf, Germany, effective April 1, 2022, enhancing its commercial capabilities in the German and U.K. markets. This restructuring involves relocating from Hamburg to Düsseldorf and forming a new International leadership team to unify operations. The changes aim to address regional pressures and improve customer service.
Positive
Creation of a DACH headquarters in Düsseldorf enhances operational capacity.
Strengthening of customer service capabilities in Germany and the U.K.
Formation of a new leadership team to drive international business efficiencies.
Negative
Closure of the Hamburg office may lead to employee displacement.
Possible disruption during the transition to a new headquarters.
The next step in the company’s strategic plan, as well as swift moves to address regional pressures
Accelerating into 2022, in accordance with the company’s three-year strategic plan, with a new Northern European leadership team and reset for the company’s German and U.K. businesses
Continuing to organize the company’s International business around the customer and operate as an increasingly customer-centric organization
Creating a DACH headquarters in Dusseldorf, Germany to concentrate strengths of Germany, Austria and Switzerland-based teams along with the company’s other Central European locations
Driving efficiencies to strengthen International commercial capabilities and competitive advantage and accelerating the value creation for all stakeholders
PORTLAND, Maine--(BUSINESS WIRE)--
Covetrus® (Nasdaq: CVET), a global leader in animal-health technology and services, today announced a new organizational structure within Northern and Central Europe to execute the company’s three-year strategy, deliver operational efficiencies, and better enable the company’s combined commercial teams to service their customers and provide a reset for the German and U.K. businesses.
Earlier this year, Covetrus announced the hiring of András Bolcskei as Covetrus’ first president of International. Mr. Bolcskei was charged with bringing all commercial teams outside of North America together, and today’s announcement advances that plan. Key changes include the development of a new International leadership team and a concerted focus within the U.K. and German businesses, an anticipated element of the company’s strategic plan, as well as an immediate and strong reaction to recent pressures within those two regions.
Covetrus Germany will move its DACH headquarter from Hamburg to Düsseldorf. Effective April 1, 2022, Covetrus’ Düsseldorf location will create the DACH hub for the company under the leadership of Dr. Andreas Tschuor and will restrengthen its commercial capabilities, service to customers and competitiveness within the German market. In addition, the proximity of Düsseldorf to two other Covetrus regions (Belgium and the Netherlands) will enable and lead to increased efficiencies and operational excellence within those regions’ commercial teams. The company will close its Hamburg office on March 31, 2022. Employment contracts tied to Hamburg will be discontinued, and employees will be offered the choice to continue employment with unchanged conditions in the new Düsseldorf office on April 1, 2022.
Development of a new leadership team to drive the company’s International Business. Effective January 1, 2022, and similar to the structure adopted in the U.S. earlier this year, the U.K. commercial and the Global Technology Solutions (GTS) teams, and the U.K. & Europe sales teams will come under one, unified commercial leadership, led by Loic Jegou, Country Manager and VP, Northern Europe. Mr. Jegou joined Covetrus last month with 18 years of experience in the animal health pharmaceutical business at Pfizer and MSD Animal Health. The U.K. business will increase service to U.K.-based customersthrough an extended focus of the company’s “One Face to Customer” approach. Additionally, in keeping with a true International approach, Australia and New Zealand are adopting the same go-to-market strategy, and the GTS sales team within the APAC region will report directly to Simon Hellams, VP, APAC. Covetrus is uniquely suited, within the animal health industry, to meet their customers’ overall needs with a single point of contact due to Covetrus’ expansive product and service offering and breadth of capabilities.
“These moves position Covetrus to win for our European customers and win for our global business,” said Ben Wolin, President & CEO. “I have absolute confidence in our ability to drive our strategy, win back our position within the German and U.K. markets, drive greater outcomes for our customers and the animals they care for … and drive success for all our teams and stakeholders.”
About Covetrus
Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. We are bringing together products, services, and technology into a single platform that connects our customers to the solutions and insights they need to work best. Our passion for the well-being of animals and those who care for them drives us to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine with more than 5,500 employees serving over 100,000 customers around the globe. For more information about Covetrus visit https://covetrus.com/.
Forward-Looking Statements
This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties, including statements about our plans, objectives, expectations, and intentions. Such statements are subject to numerous risks and uncertainties. Factors that could adversely affect our business and prospects are set forth in our public filings with the Securities and Exchange Commission. Our forward-looking statements are based on current beliefs and expectations of our management team and, except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements.
