Skou to be Maersk’s new chief executive

Shipping containers sit onboard the Luna Maersk container ship, operated by A.P. Moeller-Maersk A/S, as it makes its way towards the Port of Felixstowe Ltd., a subsidiary of CK Hutchison Holdings Ltd., in Felixstowe, U.K., on Tuesday, Feb. 2, 2016. A vote to leave the EU could force the Bank of England to keep interest rates at a record low for an "extended period of time" or even lower them to shore up the economy as Britain ends its 43-year membership in a 500 million-person bloc that buys almost half its exports. Photographer: Chris Ratcliffe/Bloomberg©Bloomberg

AP Moller-Maersk is replacing its chief executive with the head of its container shipping business, as the Danish conglomerate suffers from sluggish global trade and low oil prices.

Nils Andersen, chief executive since 2007, will be replaced by Soren Skou, head of Maersk Line, on July 1.

More

On this topic

IN Shipping

Maersk’s board hinted at bigger changes ahead when it added that it had tasked the new management with looking at “strategic and structural options to further increase agility and synergies”.

Shares in Maersk rose 11 per cent on news of the change-over and potential shake-up.

Mr Andersen, a former Carlsberg chief executive, is credited with streamlining the once-sprawling conglomerate by selling off big stakes in Danske Bank and a local supermarket chain. He has also sought to offset Maersk’s dependence on the volatile container shipping business by investing in oil exploration and drilling rigs.

But the savage fall in the oil price in the past two years — coupled with container shipping rates falling to a record low earlier this year — left Maersk facing what Mr Andersen had termed “a perfect storm”.

Mr Skou, who has worked at Maersk since 1983, has a reputation as a disciplined manager who helped Maersk Line to consolidate its position as the most profitable container shipping group through several cost-cutting programmes.

Michael Rasmussen, Maersk’s chairman, said: “On behalf of the board of directors I thank Nils Andersen for considerable results in fronting the group’s international growth, strengthening the customer focus and competitiveness of the businesses, as well as simplifying governance and increasing transparency and communication with our stakeholders.”

Soren Skou, chief executive officer of Maersk Line, reacts during an interview in Hong Kong, China, on Thursday, Aug. 30, 2012. Photographer: Jerome Favre/Bloomberg *** Local Caption *** Soren Skou©Bloomberg

Maersk CEO designate Soren Skou

Mr Andersen said: “On a personal level I am at a point in my life where I look forward to having a bit more time with my family after many years of constant work and I look forward to entering a new phase in my life.”

Mr Skou hinted at the changes ahead at the conglomerate, which also has interests in port terminals and logistics.

“The fast-paced changes of this world demand that we can adapt quickly, easily and at a minimal cost while retaining the focus on each business unit. Our future set-up must effectively respond to these challenges,” he said.

Copyright The Financial Times Limited 2016. You may share using our article tools.
Please don’t cut articles from FT.com and redistribute by email or post to the web.

Europe homepage

About The Author