German asset and investment manager MPC Munchmeyer Petersen Capital (MPC Capital) is ringing the changes at the top level.
The generational shift will see long-serving Ulf Hollander hand over his position as chief executive to Constantin Baack, CEO of Oslo-listed container shipping spin-off MPC Container Ships.
Hollander, 65, will move to the supervisory board on 13 June.
Baack, 45, joined MPC Group in 2008 and has been part of the management board of MPC Capital since 2015, initially as CFO, and is currently responsible for shipping.
Christian Schwenkenbecher has also been appointed to the management board as chief client officer.
He joined MPC Capital in 2022 as head of institutional sales and products.
The management board will now be Baack, who is also chairman, chief financial officer Philipp Lauenstein and Schwenkenbecher.
Hollander, who is also chairman at MPC Container, has worked for MPC Capital since 2000, firstly as CFO until 2015, and then as CEO.
Before this, he held various positions at German container line Hamburg Sud.
Axel Schroeder, chairman of the supervisory board, said: “Ulf Hollander has had a decisive influence on our company and as CEO since 2015 has played a key role in the successful repositioning of the company.”
“It is thanks to his outstanding work that MPC Capital is now a broadly and solidly positioned asset and investment manager. We would like to thank Ulf Hollander most sincerely for this,” he added.
Baack said: “MPC Capital stands on a very strong foundation. Therefore, we can execute on opportunities, despite the current challenging global market environment.”
MPC Container CFO Moritz Fuhrman has been promoted to co-CEO to run the boxship company with Baack.
Baack received $765,000 in variable pay in 2023 from MPC Container.
That was equivalent to 161% of his base salary of $474,000.
His total compensation amounted to $1.24m, a rise of 60% from 2022.
Stake increased
In March, MPC Capital increased its long-term exposure to container shipping by raising its stake in MPC Container from around 7% to around 14%.
The deal was done by boosting MPC Capital’s stake in MPC CSI, the joint investment vehicle set up for the 2017 IPO of MPC Container.
MPC CSI is controlled by MPC Capital and MPC Munchmeyer Petersen & Co, the founder and largest shareholder of MPC Capital.
The selling shareholders of MPC CSI received €34m ($37m), based on a share price of NOK 13.64 ($1.31).
MPC Container director Axel Schroeder disposed of 2.3m shares, and a further 171,400 through his Elbrock company. Hollander sold 165,637 shares.
MPC CSI owns around 17% of MPC Container’s shares, with MPC Capital now accounting for 14% of that 17%, making it the largest investor.
With a fleet of more than 60 vessels, MPC Container is one of the world’s largest owners of container ships for intra-regional trades.
As a result of the increase in its shareholding, MPC Capital raised its own earnings forecast.
The group now expects 2024 profit before tax to be slightly above the already high €19.3m logged in 2023.
Previously, the company was forecasting similar profit to last year.
MPC Capital owns five container ships outright and has a 50% stake in Wilhelmsen Ahrenkiel Ship Management and Albis Shipping & Transport.
