Far East Shipping Company (FESCO, Transport Group FESCO) decided to reform its management structure, closing the holding’s management company Transportation Group FESCO, the Group’s official told PortNews.
The presence of a top management company was required at the phase of integration of many different companies into the Group, FESCO’s Vice President for Corporate Communications Stanislav Vartanyan said. He explained that over the past 3 years the interaction between the divisions has become functional to close FTG and focus more on the management of Far East Shipping Company.
"Now we’ve come to the conclusion that we do not need any more the top management company," Mr. Vartanyan said.
The reform will not entail changes in the top management. Sergey Generalov will continue to lead the Group, who is now President and Board Chairman of Transportation Group FESCO. The brand name will remain, although the management company under the same name is to be liquidated.