Denmark’s AP Moller-Maersk will have a new leader next year after chief executive Soren Skou said he will retire on 31 December.
The group’s CEO of Ocean & Logistics, Vincent Clerc, will replace the outgoing boss.
The Copenhagen-based liner giant said that Skou has led its transformation since 2016, overseeing its shift from a diversified conglomerate into an integrated logistics company through a series of sell-offs.
He has helped the company bank record profit during the recent boom and has also been spearheading the group’s decarbonisation strategy with a series of orders for innovative methanol-fuelled container ships.
Chairman Robert Uggla said Skou had contributed to the group over almost 40 years.
The CEO spent 11 years running Maersk Tankers and four years as CEO of Maersk Line, before getting the top job.
“During his tenure as CEO of Maersk, Soren has been instrumental in redefining Maersk into a customer-centric end-to-end logistics provider with a global leadership position in sustainable transportation solutions,” Uggla said.
“On behalf of the board, I sincerely thank Soren for his valued leadership and impressive results. I am equally grateful for Soren’s support in the CEO succession review making sure the company does not lose any momentum in its strategic endeavours in a changing and difficult market,” the chairman added.
Clerc has been in charge of Ocean & Logistics since 2019.
“He has been a pivotal leader for Maersk’s transformation, demonstrating great strategic acumen, an ability to execute complex plans and deliver long-term shareholder value through compelling customer solutions,” said Uggla.
Tailwinds blowing more softly
He warned that the strong tailwinds that benefited container shipping during the pandemic are coming to an end.
"With an increasingly challenging outlook, the board believes Vincent holds the right experience and capabilities as CEO to pursue and oversee Maersk’s strategic and organisational development in the years to come,” the chairman added.
Skou himself said he felt pride and gratitude after his years at the group.
“For almost seven years I have worked together with my team to change the business model, the culture, the digital backbone, and the results to make Maersk a profitable growth company again,” he added.
“That was the mandate I got as CEO in 2016 and I would like to thank the board, our main shareholder, my executive team and all my fantastic global colleagues for their trust and support throughout the years,” the outgoing boss said.
The right time
Skou believes the time is right for a change.
“The company has executed very well over the past years. We have never been stronger financially and we have an inspiring and visionary plan for the continuation of our global integrator strategy that will guide Maersk for many years to come,” he said.
He spoke of a new chapter in his life, which will involve continuing work at a non-executive level, allowing him to have more time for his family and for other interests.”
Clerc said he is thrilled by the board’s trust.
“It is a privilege for me to lead a company with such a long heritage, strong values, and tremendous potential,” he added.
“I am looking forward, together with the leadership team and all the Maersk colleagues around the world, to take it to the next level, building on the very strong foundation we obtained with Soren at the helm, and delivering on our promises to customers, shareholders, and to the society at large,” the new CEO said.
A new landscape
He foresees tough challenges ahead, with companies rethinking their supply chains in a new global environment.
“They are looking for more stability, and more support on their decarbonisation journey. This represents an incredible business opportunity for Maersk that we all are eager to seize,” he concluded.
Skou said only last month that he remained optimistic about contract negotiations.
Analysts have said lines face some tricky talks over new long-term deals with shippers.
But Skou told Danish business daily Finans that his group is in an “absolutely excellent” negotiating position.
“Just as we have kept our word and provided the capacity we have sold, we find that our customers want to keep their word to us,” he said.
“I know there are many who are now speculating to the contrary. But I don’t see that at all,” the CEO added.
Skou believes companies are still looking for long-term contracts, but admits they will not be at the same levels as previously.
