Maersk adopts executive board structure
SHIPPING: A P Moller – Maersk is to abandon its partnership structure of registered management to an executive board, a set-up common in Denmark, to be effective from January 1, 2013.
The move follows the death of the founder Maersk Mc-Kinney Moller who built the shipping line from its establishment in 1914 and led the company as CEO until 1993, chairman until 2003. As managing owner, Mr Mc-Kinney Moller's three family foundations owned more than 60 per cent of the group's voting stock.
The management restructure is a technical move and will not impact its strategy, according to a report from the Journal of Commerce Online.
The six-member executive board will consist of CEO Nils Andersen, CFO Trond Westlie, Maersk Line CEO Soren Skou, Maersk Drilling CEO Claus Hemmingsen, Maersk Oil CEO Jakob Thomasen and APM Terminals CEO Kim Fejfer
"Management has worked satisfactorily. However, it is a construction which can be difficult to explain, especially outside Denmark," said Board Chairman Michael Pram Rasmussen, added the report.
Source: A.P. Moller - Mearsk
