Maersk Appoints A New CEO As The Container Shipping Market Hits Skids
AP Moller-Maersk mentioned on Monday that it had appointed a firm veteran named Vincent Clerc as the new chief executive to spearhead the shipping giant via a phase of slowing container demands.
Clerc, now 50, is going to replace Soren Skou on 1 Jan, at a time of exponential growth for the shipping major, as it wants to establish a successful land-based logistics business while keeping a check on freight rates in core container shipping business activities plummet as a worldwide recession looms.
The strong tailwinds that benefited the supply chain industries in the ongoing COVID-19 pandemic are toward an end, Maersk’s Chair, Robert Maersk Uggla, reported at a press conference at the company’s headquarters in Copenhagen.
He said it is advantageous for the firm to have new energy in the CEO’s position, especially when turbulence is expected.
The change comes less than a year after Uggla, Maersk Mc-Kinney Moller’s grandson, the former head of Maersk who reportedly transformed the whole group into an international conglomerate, was elected as the board chair. Uggla also spearheads the holding firm that controls Maersk.
Shares in Maersk have nearly doubled since Skou took over as the CEO in 2016. Skou has overseen the group evolving into an integrated logistics major from a conglomerate, a procedure that included selling the oil and gas business to TotalEnergies, based in France, in 2017.
Clerc is currently the head of Maersk’s Ocean & Logistics business. He said he would focus on keeping costs down when Maersk buys warehouses and distribution centres to extend an end-to-end transportation service instead of container shipping.
Maersk shares have reportedly lost over 40% of their value since January 2022’s record high and had been trading 2.7% lower on Monday, underperforming the benchmark index of Copenhagen.
DNB analyst Jorgen Lian has expressed that the credit to today’s share price reaction is given to Soren Skou’s successful tenure. Still, the timing and firm’s communication on outlook can be described as gloomy.
Clerc is a Swiss citizen who was born in 1972. He joined Copenhagen-based Maersk in 1997 and has reportedly held multiple senior positions, including Chief Commercial Officer and Chief Trade and Marketing Officer.
Maersk is one of the most overworld’s resized shipping and logistics firms, tackling supply chains for customers like Walmart and Nike. It reportedly employs over 100,000 people across 130 countries.
Reference: Maersk
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
Do you have info to share with us ? Suggest a correction
About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
- UECC Collaborates With Shipping Giants To Test CNSL-Based Biofuel Solution
- Houthis Warn Saudi Arabia Not To Support U.S Strikes Against The Group
- Maryland State Police Recovers 2 Bodies From Baltimore Harbour
- USCG Cutter “Sea Dog” Suffers Damage During Transit Into St. Marys River
- Panama Inaugurates First-of-its-kind Cruise Ship Terminal On Pacific Coast
- Two Of The Fastest U.S. Military Cargo Ships Stuck In Baltimore After Francis Scott Key Bridge Collapse
Latest Shipping News Articles You Would Like:
Web Stories
Subscribe To Our Newsletters
By subscribing, you agree to our Privacy Policy and may receive occasional deal communications; you can unsubscribe anytime.