The Danish conglomerate AP Moller-Maersk, which owns Maersk Line, has announced that Michael Pram Rasmussen step down as the Chairman of the Board of Directors. He will remain in his position until the Annual General Meeting on March 28th, and he will not stand for re-election. The Board of Directors said that they intend to elect Jim Hagemann Snabe to succeed Michael Pram Rasmussen as Chairman following the Annual General Meeting.
This news follows AP Moller-Maersk reporting only its second ever annual loss in the past seven decades. The company is in the midst of breaking apart it’s business units, centering the group again around the container liner business, and spinning of their other units like their oil business. The market seems to be recovering, as demand is beginning to recover and the worst may be over.
Vice Chairman Ane Mærsk Mc-Kinney Uggla says: ”Since 1999 Michael Pram Rasmussen has served A.P. Moller- Maersk as a Board member, 14 years as our Chairman. I am very grateful for his many contributions and relentless commitment to our Group, during good as well as hard times. Michael has anchored the ongoing transformation of the company, with solid business insight as well as loyalty to our name. I look forward to welcoming Jim Hagemann Snabe to take the torch that will lead us into the future”.
Chairman Michael Pram Rasmussen says: ”In 2016 we took a decision to change the direction of the company. With a new structure accomplished and a new leadership team established led by Soren Skou, we are ready to implement the new strategy focusing on developing Transport & Logistics and for the next generation to take the lead and respond to industry opportunities. Timing is right for me as well as for the company to retire as the Chairman.”
Jim Hagemann Snabe says: ”I am honored to be nominated as new Chairman of the Board. A. P. Moller – Maersk is a very strong company, with an impressive history and impact on global trade and it has enormous potential in a world of constant change. I look forward to working with the board and the management team on the transformation that lies ahead of us, as well as securing a strong future platform for our oil and oil related businesses.”