A.P. Moeller-Maersk Sweeps Out Top Management

A.P. Moeller-Maersk MAERSKb.CO (Copenhagen), the shipping company, announced major management changes. Jess Soederberg, who has led the company since 1993, unexpectedly announced his retirement. His announcement appeared to be related the company's profit decline for 2006. In his place, the company appointed Danish brewer Carlsberg A/S's CEO Nils Smedegaard. Smedegaard has headed Carlsberg since 2001. The scheduled change will occur on December 1. The announcement came at the same time two other key executives at A.P. Moeller-Maersk announced they would be leaving, Tommy Thomsen and Knud Stubkjaer.

Chairman of the Board Michael Pram Rasmussen stated the following when discussing the new CEO appointment:

“Through his previous work Nils Smedegaard Andersen has gained as well as proven the skills which the Board finds necessary in an ever changing world and in addition he possesses the personal qualities matching the values of the A.P. Moller - Maersk Group."

The announced changes were unexpected and could have a real impact on the firm. A number of analysts have already raised concerns about the Andersen appointment and the significance the three executive changes could have on the firm. For more on the change, check out the following:

Financial Times
Bloomberg
Hemscott
Forbes