Sudden change of faces in Lineas: Bernard Gustin appointed new CEO
Lineas has a new CEO since the morning of 4 February. Geert Pauwels is out, and Bernard Gustin is the company’s new head. The company’s poor financial performance led Pauwels to resign. The new CEO will have to bring Lineas to pre-pandemic performance levels.
Lineas is going through a challenging period, and the leadership change was a needed step for its transformation strategy aiming to make the company more competitive in the market.
Bernard Gustin is acquainted with the transport sector. In the past, he served as the CEO of Brussels Airlines, reports the Belgian newspaper De Standaard. In that position, he worked together with Jan De Raeymaeker, currently the financial director of Lineas. The company is building a new team with familiar faces in an attempt to overcome its economic problems.
Not much is known about the quick processes that the company went through and how it ended up changing CEOs so unexpectedly. However, what is known is that Lineas is going through a very tough period and needs restructuring.
The company did not manage to overcome the financial impact of Covid-19, which, combined with the disruption of its services from infrastructure problems occurring from the summer storms, brought it to a dead end. Despite state aid and financial support from the fund Argos, obstacles could not be overcome.
Bernard Gustin will take over the challenging task of putting Lineas back on track. It will take time and resources to do so, while the company’s majority shareholder is also strengthening its grip since Gilles Mougenot of the Argos financial fund will become vice-chairman of the board of directors, said De Standaard.