Canada Post’s financial situation unsustainable, board chair warns at AGM
Service at a 'critical juncture' with changes urgently needed
Article content OTTAWA — The chair of Canada Post‘s board says the organization’s financial situation is unsustainable. Andre Hudon says Canada Post is at a “critical juncture” and significant change is urgently needed to preserve its delivery network. Hudon said the surge in online shopping during the COVID-19 pandemic reshaped the parcel delivery market, and Canada Post is competing with “high-tech, low-cost operators who are rapidly and relentlessly evolving.” Hudon made the comments Wednesday at Canada Post’s annual general meeting. In August, Canada Post reported second-quarter profits 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.
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![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 […]](/media/blogimages/Canada-Post-at--critical-juncture---financial-situation-unsustainable--board-_tT6cwQO.jpg)
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