Angela Titzrath, Chairwoman of the Executive Board of Hamburger Hafen und Logistik AG (HHLA) for nine years, will leave the company by the end of the year at the latest.
The Supervisory Board and Angela Titzrath have “reached an agreement by mutual consent”, according to a statement. There had recently been disagreements between the Executive Board and the two main shareholders – the City of Hamburg and the shipping company MSC.
The change at the top of the company marks the end of a strategic phase in which Titzrath has made a significant contribution to the successful direction of the company, HHLA announced. The search for a successor is already underway. Until then, Titzrath will accompany the transition process.
The move comes after the City of Hamburg (50.1% of the shares) and the Swiss shipping company MSC (49.9%) surprisingly announced last week that they would be reducing their dividends. Instead of 16 cents per share, shareholders are to receive only 10 cents – according to the two main shareholders, this would strengthen HHLA’s equity. According to media reports, observers had seen the decision as an “affront” to HHLA’s top management led by Titzrath. The contract of the Chairwoman of the Executive Board runs until 2029 and was only extended in November when MSC joined the company.
HHLA Executive Board thanks Angela Titzrath
“Angela Titzrath has decisively driven the company’s development into a European network logistics provider with strategic vision and personal commitment and has successfully led HHLA even in difficult phases such as the coronavirus pandemic and the Russian war of aggression against Ukraine,” said Rüdiger Grube, Chairman of HHLA’s Supervisory Board.
“She has accompanied the recent changes in the shareholder structure with a great sense of responsibility. With a particular focus on international networking, digitalization and sustainability, she has provided key impetus – both for the competitiveness of the Port of Hamburg and for the entire Group. On behalf of the Supervisory Board, I would like to thank Angela Titzrath for her outstanding work and wish her all the best both professionally and personally.”
“I can look back on nine very dynamic, but also incredibly exciting years at the helm of HHLA,” said Titzrath herself. “Logistics connects markets, people and perspectives. My goal was to strategically develop HHLA as a key player in a volatile and geopolitically sensitive environment and to strengthen the value of the company. With the modernization of the Hamburg terminals, the expansion of the intermodal business and strategic locations such as in Tallinn and Trieste, we have decisively positioned HHLA in a competitive environment – in the service of our customers and in the interest of an efficient supply chain for companies and consumers throughout Europe.”
€500 million in investments
Under Titzrath’s leadership, HHLA has invested more than €500 million in modernizing the container terminals in the Port of Hamburg over the past five years. The intermodal business also continued to develop during this time: HHLA took over the rail subsidiary Metrans and expanded its hinterland network from 10 to 21 terminals. The acquisition of the seaport terminals in Tallinn (Estonia) and Trieste (Italy) strengthened HHLA’s presence along central trade and transport corridors.
The establishment of the central innovation unit “HHLA Next” has also provided impetus for the company’s innovative strength and future viability. In addition, the management structure and corporate culture were further developed to meet the current challenges of the logistics industry.
