News / New owners install new management team at Seko Logistics

Photo: Seko Logistics

Seko Logistics has revealed it has a new majority owner following recapitalisation, which has put in place a new leadership team. 

In September, Seko said that due to the ‘ongoing freight recession’ it had had to refinance. Today it announced the “successful” close of the deal, with its existing lenders taking over majority ownership of the group. 

Seko was majority acquired by Ridgemont Equity Partners in January 2021, financed by debt provided by Barings, Blackstone Credit, Churchill Asset Management and Manulife Investment Management, but it is not yet clear whether it is these lenders which have taken control of the firm following this week’s recapitalisation. 

Seko said: “Through the transaction, the company secures significant new investment from its new ownership group, comprised of premier global financial institutions, and strengthens its financial foundation with a substantial improvement of the company’s balance sheet, positioning Seko for long-term growth and stability at the forefront of the logistics industry.” 

The new ownership group, which has yet to be confirmed by Seko, has brought in a new top management team. Seko said current CEO and president James Gagne, who has been at Seko for more than a decade, had decided to “transition from his role”. 

Philippe Gilbert, former president of UPS Supply Chain Solutions, will become chair of the board and interim CEO on January 1. Mr Gilbert most recently headed Arco Consulting. Prior to his role at UPS he was regional CEO Americas for DB Schenker, a role he held for four years. He has also worked for Geodis and Ceva Logistics. 

Matthew Brown, CFO of Seko for the past six years, is to be replaced by Hans Moller, currently CFO at an investment holding company. He has also held regional CFO roles at Brinks and Panalpina. Seko said his “global leadership and track record in leading successful financial teams, strategic transformation, and value creation will be instrumental in driving Seko forward in the coming years”.  

CTO Mike Powell, who has been with Seko for six years, will be replaced by cyber security specialist Kris Arthur who moves from his current role at the company as chief information security officer. His current role will be taken on an interim basis by Mark White, a former executive and board member of Seko until last year. Seko said he would focus on the application strategy, data architecture and a technology roadmap. 

Seko said it was “grateful” to the exiting team, and wished them the best for the future. 

The company has had a tough year after it was suspended from participation in Entry Type 86. It initiated legal action against the government, noting it was “incredibly disappointed” – but was quickly reappointed and pulled out of the legal action. One source familiar with the matter suggested Seko had taken its eye off the ball in terms of Entry Type 86, but Seko said at the time it “strongly disagreed” with the suspension. 

Brian Bourke, who retains his role as global chief commercial officer, told The Loadstar: “We are moving into our next chapter with leadership that will focus on preserving what is so unique about Seko as we continue to invest in our business and strength our market position.

“We are confident that welcoming experienced executives such as Philippe and Hans, alongside elevating several other long-standing members of our team into expanded roles, will successfully position Seko for stability and growth. With these appointments, an infusion of new capital from our new owners, and a stronger financial foundation, I am excited to move forward with the right team and resources to continue to meet our customers evolving needs.”