PostNord hires corporate efficiency guru as CFO

PostNord has hired a veteran corporate cost-cutting specialist as its new Executive Vice President and Chief Financial Officer – shortly after announcing plans to trim SEK 1bn ($156m USD) from its operating costs. Mats Lönnqvist, 57, will combine the roles vacated by PostNord executive VP Göran Sällqvist and CFO Bo Friberg, who are leaving following a management shake-up at the Scandinavian postal operator, as it faces up to accelerating mail volume declines.

Lönnqvist’s previous role had been to stabilise the finances at Scandinavian airline SAS Group.

He was hired specifically as CFO and deputy president by SAS in December 2008 to return the company to profitability – leaving the company in April after SAS returned to the black.

PostNord, which rebranded from Posten Norden in May, said its new EVP and CFO has 20 years of experience as a CFO at companies facing “major changes”.

CFO for hire

Lönnqvist, who has an economics masters degree from Stockholm University, is founder and owner of Swedish corporate consultancy Resolvator, which provides “CFO for hire” services, with past and present clients including Ericsson, Nokia and Volvo.

Lönnqvist himself has served as CFO, president or senior director of a wide array of companies since the early 1990s, including Eniro, Ratos, Securum, Pharmacia and Esselte.

PostNord’s President and Group CEO Lars Idermark said of the appointment: “Mats Lönnqvist has the right profile and experience for the kind of development that lies in front of PostNord. Mats Lönnqvist will be an important addition to our management work.”

PostNord, which has its head office in Solna, just outside Stockholm in Sweden, saw a 17% drop in its profits in the second quarter of this year, with its main Posten and Post Danmark hit by weak Swedish and Danish economies and the ongoing challenges from Internet-based communications.

In the face of a 14% decline in mail volumes in Denmark and a 4% decline in Sweden, the company is now aiming to build up its logistics business and improve service efficiency in order to return to financial stability.

Commenting on his appointment, Lönnqvist said: “PostNord is an exciting company group where my experience and skills profile seem to be a perfect fit for the challenges facing the group. It is very stimulating for me to go to PostNord.”