One of the largest logistics groups of companies in Lithuania, cargoGO, has started a restructuring process of the group structure – the holding company UAB cargoGO Group has been formed, which will manage the transport companies operating in road haulage.
Following the restructuring, the group now includes UAB cargoGO Logistics, which transports international cargo in Western Europe, UAB Transaibė, which carries out local transport in Lithuania, and two other companies.
Osvaldas Švitra, previously Managing Director of cargoGO Logistics, has been appointed CEO of the holding company cargoGO Group. He will continue to head the latter company.
“The main objective of the restructuring is to divide the transport activities into separate areas and regions while maintaining the group’s common management and unified management system. The restructuring will also help the group to maintain process efficiency as it grows,” says Donatas Butinavičius, cargoGO Group shareholder.
The changes focus on the integration of cargoGO Logistics in Vilnius and Transaibe in Kaunas.
“We will implement shared IT, business administration, and data management solutions, which will allow us to see the overall situation, better assess the context and potential, and grow more efficiently both in individual companies and in the Group as a whole,” says O. Švitra.
The initiation and preparation of the structural change process has taken more than half a year, and the implementation is currently underway. According to the report, the changes are expected to be completed within this year.
“The most time-consuming part of the process was the preparation of the legal framework. We hired a team of lawyers for this. The transformation processes are now being carried out internally. I am pleased that we have a professional team within the group that can ensure the smooth running of the process,” says Švitra.
In parallel with the group’s restructuring, changes have been implemented in the Board of Directors, which is being transferred to UAB, cargoGO Group”, and in the structure of the Board. It is now composed of the previous shareholders Jūratė Butinavičienė, Donatas Butinavičius, and the Managing Director Osvaldas Švitra. Two new members have joined the Board – Arnoldas Nausėda and Vidas Kaziukaitis, Director of “Transaibes”.
No changes are foreseen in the administration of the companies or the driver teams due to the ongoing structural restructuring.
In total cargoGO Group companies own 1,000 vehicles. The group employs 1,900 people, including 1,700 drivers and 200 administrative staff. According to preliminary data, the group ended 2022 with a turnover of more than EUR 127 million and a growth of 61% compared to 2021, when the turnover was EUR 78 million.
