van Hool Zwaaneveld 2

Van Hool appoints Dutchman as co-CEO in realizing turnaround

19 January 2024

Belgian Bus and coach manufacturer Van Hool has appointed Dutch man Marc Zwaaneveld as co-CEO in order to realize a turnaround for Van Hool into a profitable company. Together with current CEO Filip Van Hool, he will take on the daily management of the Van Hool group.

Covid has had a significant impact on the sectors and markets in which Van Hool is active. In particular, there was a sharp decline in demand for coaches. Subsequently, as a result of macroeconomic and geopolitical uncertainties, there was a severely disrupted supply of materials and high inflation. These external factors have had a major impact on the financial results of the Van Hool group as it states in a pressrelease. Van Hool recorded a net loss of around €60 million in both the covid years 2020 and 2021, the following year the loss was limited to more than €25 million. At the end of 2017, the bus builder still had equity of 160.9 million euros. By the end of 2022, this had already fallen to 32 million euros by absorbing the losses. Although Van Hool reports an initial recovery of volumes

and orderbook the company says "it is essential to accelerate and intensify this process of recovery". Therefore it appointed Marc Zwaaneveld as co-CEO to realize this turnaround. With the appointment of Marc Zwaaneveld, Filip Van Hool will be able to focus more on managing the day-to-day activities, while Marc Zwaaneveld will focus in particular on the above-mentioned process of accelerating and intensifying the recovery. Zwaaneveld has extensive experience in managing companies that could use an extra boost. Until recently he worked as CEO of the Flemish listed fruit and vegetable trader Greenyard. Under his leadership the group was reorganized and the company managed to find its way up. He previously worked at waste processor Van Gansewinkel, now Renewi.