Clipper Announces New Executive Management Structure (Denmark)

Clipper announced that Flemming Steen will join Clipper Group as Group CFO. Flemming comes from a position as CFO of MT Højgaard and brings with him extensive experience from the manufacturing, infrastructure and transportation industries.

At the same time Clipper Group is changing its Executive Management team. Gary Vogel and Kristian Morch will become Group CEOs and will share the management of the Group’s activities. Frank G. Jensen will remain Chairman of Clipper Group and its related companies.

“This change reflects our wish to create a more simple and transparent executive management structure,” says Frank G. Jensen. “For the last years, we have executed our ‘Back to Basics’ strategy, consolidating our business and concentrating on what we do best: Bulk and Projects. This process remains a work in progress, but we believe the time is right to make a change in our executive management structure to reflect this focus.”

“I can think of no better team than Gary and Kristian to take Clipper to the next level. For the last years, they have successfully managed our two core business areas, Clipper Bulk and Clipper Projects, and the dual CEO structure reflects this dual business strategy, with a hands-on approach and a flat management structure.”

“We are excited that Flemming Steen will join Clipper as our new CFO,” Frank G. Jensen continues.

“With his extensive skills and experience, we will add a great capacity to our Group. As such, I believe we now have a uniquely strong Executive Management team, and I am happy to leave the daily management of the company in their hands.”

Henrik Lund Dal will continue as Partner in Clipper Group and remain responsible for Investments, focusing mainly on non-core activities. Henrik will report directly to Frank G. Jensen.

[mappress]

Clipper, January 17, 2013