Two executives have left the boardroom of courier giant LBC Express Holdings Inc. in another leadership shakeup for the company that is trying to sustain its return to profit.
In a disclosure to the Philippine Stock Exchange, LBC said directors Miguel Camahort and Jason Rosenblatt have resigned effective yesterday.
Camahort served as president and CEO of LBC, until the courier announced in August that it was promoting chief finance officer Enrique Rey Jr. as its new head.
LBC appointed a new president and CEO to make way for Camahort’s retirement. Camahort left LBC at a time when it was just returning to profit on the success of its cost-cutting interventions.
Meanwhile, Rosenblatt is leaving his directorship in LBC to focus on other assignments abroad. LBC said it may be difficult for Rosenblatt to balance responsibilities if he stays in the company.
Currently, Rosenblatt serves as a partner and head of Southeast Asia private equity head for Ares Private Equity Group, which he joined in 2023 and is based in Los Angeles, California.
LBC is facing renewed optimism that it can stay in profit, as it is now led by Rey who has taken care of its financials since 2015 prior to his promotion.
Rey has served the LBC Group for close to two decades now, having been appointed as director of LBC Mundial Inc. from 2005 to 2008 and of LBC Systems Inc. from 2008 to 2010.
LBC posted a profit of P194.79 million in the first half, reversing its net loss of P251.66 million a year ago. Although LBC sustained a five-percent revenue decline to P6.98 billion, it managed to mitigate impact by slashing costs by four percent to P5.34 billion.
The company is undertaking cost-cutting efforts to nurse its finances back to health. This led the courier to reduce branches and personnel across the Philippines.
LBC projects revenue to pick up in the second semester, particularly during the holiday season, when remittance and shipping activities traditionally reach their highest.
Recently, LBC has received a show cause letter from the Securities and Exchange Commission to explain the delay in its submission of its sustainability report for 2022, which the courier said it is now addressing.