Maersk elects new chairman

Denmark’s A.P. Møller – Mærsk A/S has named a new chairman of the board of directors and submitted a proposal for the election of board members.

Maersk said on Wednesday that the current chairman, Michael Pram Rasmussen, informed the company that he would step down from his position at the Annual General Meeting which will be held on March 28, at which time his current election period expires.

Since Rasmussen decided not to stand for re-election, Mærsk intends to elect Jim Hagemann Snabe to succeed the current chairman following the AGM.

Vice-chairman Ane Mærsk Mc-Kinney Uggla said: “Since 1999 Michael Pram Rasmussen has served A.P. Møller – Mærsk A/S 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.”

The departing chairman, Rasmussen, said: “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, timing is right for me as well as for the company to retire as the chairman.”

Regarding his appointment, Snabe said: “I am honored to be nominated as the new chairman of the board.

“A.P. Møller – Mærsk A/S 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.”

Proposal for board members election 

Five members of the current board of directors will have to stand down at the next AGM in March.

Following the AGM, Michael Pram Rasmussen, Niels Jacobsen, Arne Karlsson, Dorothee Blessing and Niels Bjørn Christiansen will see their term on the Maersk’s board of directors expire.

The company proposed that the four board members, other than the departing Rasmussen, be re-elected to the board.

Also on Wednesday, Maersk’s offshore drilling company, Maersk Drilling, posted a net loss for the fourth quarter of 2016, describing the current situation as “the worst downturn in the history of the industry.”