As Dufry Group has realized “transformational growth” with the acquisitions of The Nuance Group and World Duty Free Group over the past two years, the company has announced a new organizational structure that reflects this considerable expansion and “sets the base to deliver further sustainable growth and value creation going forward.”
As part of the new organization, the company is divided into five geographic regions and has appointed five new members to its Group Executive Committee. The new organizational structure will be effective January 1, 2016.
With the acquisition of The Nuance Group in 2014 and of World Duty Free Group in 2015, Dufry has more than doubled its turnover and its EBITDA, increased its presence into 17 additional countries and 836 new retail locations, while the number of employees grew from over 16,000 to over 31,000.
Dufry says that it has therefore adjusted its organizational structure to reflect the strong growth and the increased geographic footprint. Also, the business operating model will be adapted to further improve the overall organizational efficiency to sustain further growth and value creation for the shareholders.
Re-configuration of regions
Dufry’s new organizational structure will be consolidated into five geographic Divisions, which will be headed by Divisional CEOs, all reporting to the Group CEO:
Division 1: Southern Europe and Africa
Division 2: UK, Central and Eastern Europe
Division 3: Asia, Middle East and Australia
Division 4: Latin America
Division 5: North America
Dufry says that the new divisions match key geographic regions and provide a well-balanced weight of the group operations, allowing each Divisional CEO to focus on a clearly defined area and to be close to the market with respect to customers and landlords.
Additions to the Group Executive Committee (GEC)
Dufry’s new Group structure will also be reflected in the Group Executive Committee, which will be extended to twelve persons with the appointment of five new members: Eugenio Andrades, DCEO UK, Central and Eastern Europe; Pedro J. Castro Benitez, DCEO Division Southern Europe and Africa; Andrea Belardini, DCEO Asia, Middle East and Australia; Gustavo Magalhães Fagundes, General Manager Brazil and Bolivia; and Jordi Martin-Consuegra, Global Resources Director.
The GEC will be comprised of the following members, effective January 1, 2016:
Chief Executive Officer (CEO) Julián Díaz; Chief Financial Officer (CFO) Andreas Schneiter; Global Chief Operating Officer (GCOO) José Antonio Gea; Global Chief Corporate Officer (GCCO) ; Global Resources Director Jordi Martin-Consuegra; General Counsel Pascal Duclos; CEO Southern Europe and Africa Pedro J. Castro Benitez; CEO UK, Northern and Eastern Europe Eugenio Andrades; CEO Asia, Middle East and Australia Andrea Belardini; CEO Latin America René Riedi; CEO North America Joseph DiDomizio; General Manager Brazil and Bolivia Gustavo Magalhães Fagundes.
Julian Díaz, CEO of Dufry Group, commented: “The new Group structure is a key element in the further development of our company: We want to continue to grow profitably – by increasing our sales, foster gross and operational margins, while reducing net working capital requirements – and for this we need to adapt our structure and rethink the way we work after the two recent transformational acquisitions.
“I would like to congratulate the newly appointed colleagues and to thank all executives and their teams for their outstanding contribution in the past years. Each of them has been a key player in the development of our company or of their former organizations and will continue to be in their new functions within Dufry Group. We are convinced that this reorganization will make Dufry even more effective in the marketplace and will strengthen our position as the leading and true travel retailer worldwide.
“I thank in particular José Carlos Rosa, who is leaving the GEC, for his commitment and dedication for the Dufry Group. During his long-lasting permanence in the Group Executive Committee he strongly contributed to the successful development of the company and we are grateful that he continues to serve Dufry in Portugal.”
More changes will be disclosed in the 2015 Q3 results presentation on Nov. 3, 2015.