DUBAI, UAE – Polarcus Ltd. has announced additional headcount reductions and changes to the executive management team as part of a new business model that the company hopes will help it withstand the current volatile market.
As part of the comprehensive cost management program implemented at the end of 2014, personnel reductions now total 26%. This additional reduction of 15 employees are all office staff and include executive management positions to fit the new business model. Cost savings as a result of these recent personnel changes plus additional other overhead cost reductions will total $7 million annually, excluding one-off restructuring costs which will be incurred in 1Q 2016.
CFO Tom Henrik Sundby and senior vice president Human Resources Dr. Paul Hanna will leave the company. Additionally, Peter Zickerman, executive vice president, Strategic Investments and company founder, has moved from being an employee to a consultant. The executive vice president Strategic Investments and senior vice president Human Resources executive management positions are eliminated as a result of these changes.
Effective March 1, Hans-Peter Burlid will be promoted to CFO. Burlid currently serves as vice president Finance & Investor Relations, an executive management position which will be eliminated.