October 14, 2019 / 7:11 AM / a month ago

John Menzies completes management reshuffle with new CFO

(Reuters) - Aviation services group John Menzies (MNZS.L) said on Monday it had appointed former Swissport finance chief Alvaro Gomez-Reino as its chief financial officer, completing a management reshuffle amid increasing troubles in the aviation sector.

Menzies, which offers ground handling, fuelling and cargo handling services for airlines, is looking to boost profit through cost cuts and had earlier said it is considering strategic and structural options for the company.

In July, Menzies named industry veteran and non-executive director Philip Joeinig as chairman, replacing Dermot Smurfit.

European airlines have warned of a challenging market in terms of lower passenger numbers and stagnating cargo volumes, while higher fuel costs, competition among budget airlines and a slowing economy have also weighed on the aviation sector.

Apart from Swissport Group, which is the Swiss cargo handling unit of China’s HNA Group [HNAIRC.UL], Gomez-Reino has also held finance positions at Amey plc and Ferrovial.

John Menzies, which swung to a loss in the first half, was battered by the fallout from the global grounding of Boeing Co’s (BA.N) 737 MAX jets.

In a move to finalize its senior executive team, the aviation firm said company insider Mervyn Walker has also been promoted to the role of chief operating officer.

Reporting by Uday Sampath in Bengaluru, Editing by Sherry Jacob-Phillips

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