Polarcus has announced additional headcount reductions and changes to the executive management team as it looks to further improve its cost position.
This additional reduction of 15 employees are all office staff and include executive management positions.
According to Polarcus, cost savings as a result of these recent personnel changes plus additional other overhead cost reductions will total USD 7 million annually, excluding one-off restructuring costs which will be incurred in Q1 2016.
Chief financial officer, Tom Henrik Sundby and senior vice president Human Resources, Dr. Paul Hanna have made the decision to leave the company.
Additionally, Peter Zickerman, executive vice president Strategic Investments and company founder, has moved from being an employee to a consultant as strategic advisor to the company. These positions have now been eliminated as a result of these changes.
Furthermore, effective March 1, 2016, Hans-Peter Burlid will be promoted to the position of chief financial officer. Burlid currently serves as vice president Finance & Investor Relations for Polarcus, an executive management position which will be also eliminated.
“Firstly, I want to thank all those employees departing the Company for all their hard work and dedication. It is always a difficult decision to see the departure of high-quality employees, but the current market environment requires us to continuously review and adjust our cost structure,” statedRod Starr, Polarcus CEO. “I am also appreciative of the leadership provided by executives Tom Henrik Sundby and Paul Hanna. They were both here in the early days and played important roles in the development of Polarcus, and I wish them the very best in their future endeavors. Continued strategic advice from Peter Zickerman will be an important element as the Company maintains an eye on future growth opportunities.”