Peter Ulber will not stand for re-election at the annual general meeting in May.
“The announcement is in line with the previously communicated commitment by the company to evaluate the governance of the current board composition,” Panalpina said Monday.
Panalpina’s compensation and nomination committee, headed by Thomas E. Kern, will conduct the search for a new independent chairman.
“This decision is in the best interest of Panalpina and all of its stakeholders,” Ulber said. “The long-term goals of the company are best served by electing an independent chairman of the board at this time to further improve on a best-in-class governance. This process will strengthen the company on its strategic path forward.”