The chair of Canada Post’s board says the organization’s financial situation is unsustainable. “The board and senior management recognize that Canada Post is at a critical juncture,” said Andre Hudon at its annual general meeting on Wednesday. “Significant change is urgently needed to preserve Canada Post’s delivery network, which is vital because it’s the only […]

Canada Post at ‘critical juncture,’ financial situation unsustainable: board chair

The chair of Canada Post’s board says the organization’s financial situation is unsustainable. “The board and senior management recognize that Canada Post is at a critical juncture,” said Andre Hudon at its annual general meeting on Wednesday. “Significant change is urgently needed to preserve Canada Post’s delivery network, which is vital because it’s the only […]

It doesn’t help that Canada Post is the only competitor in the category that doesn’t offer weekend delivery, he said. In order to compete, Ettinger said Canada Post needs more flexibility in its operations and its investments, as well as from a regulatory standpoint. In August, Canada Post reported a second-quarter profit of $46 million before tax as a one-time sale of subsidiaries helped offset an operational loss of $269 million. That’s compared with a loss of $76 million before tax in the first quarter of the year. In January, Canada Post and Purolator Holdings Inc. announced they were divesting their shares in subsidiaries Sci Group Inc. and Innovapost Inc. The transactions closed earlier this year. This report by The Canadian Press was first published Aug. 28, 2024.