The chair of Canada Post’s board says the organization’s financial situation is unsustainable.
André 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.
