'No fear' says Expeditors amid vow to retain its staff

2009-8-7

Expeditors has defended its 24% decline in second-quarter net profits, saying it is more important long term to retain staff than be driven by Wall Street's expectations.

Peter Rose, CEO of the US forwarder, said: "You can't go around some challenges ĘC you just have to go through them, and we are doing that."

"Expeditors didn't progress from having 20 employees in 1981 to become a Fortune 500 company in 2007 through the employees living in constant fear of being laid off."

He said it was people who were responsible for those accomplishments.

"We need them all ĘC and the leadership culture that permeates this company at all levels ĘC now more than ever," he added.

"Despite record declines in year-on-year shipping volumes, we continue to attract new customers and as the economy improves, shippers will ship more."

"When they do, we expect to reap the benefits of these new relationships."

Second quarter profits dropped to US$54m, while net turnover declined 17% to US$330m.

Source: ifw-net
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