AP Moller-Maersk has revealed more details of its plan to spin off towage giant Svitzer, including proposed directors.
The company will stand alone on 30 April with a listing on the Copenhagen bourse as Svitzer Group, subject to a shareholder vote on 26 April.
The Danish shipowner said on Friday that the board will consist of two independent and two non-independent directors.
Former Maersk veteran Morten Engelstoft will be chairman, with major shareholder and AP Moller-Maersk chairman Robert Maersk Uggla as vice chairman.
Uggla is also the chief executive of parent AP Moller Holding, which will be Svitzer Group’s largest investor with 41.5% after the split.
Engelstoft served Maersk for 36 years before retiring in 2022.
He is also a director of Maersk Supply Service and Finnish shipping technology giant Wartsila.
Engelstoft finished his career as chief executive of the group’s APM Terminals.
Other roles included seven years up to 2014 as chief operating officer of Maersk Line and as chief executive of APM Shipping Services.
BT and Maersk executives nominated
Belgian and US dual national Christine Brennet Morris will also join the board.
Morris is the chief financial officer of BT Business, part of BT Group.
The final seat will be occupied by Swede Peter Wikstrom, head of mergers and acquisition and strategic brands at Maersk.
A demerger prospectus will be published later on Friday.
Maersk shareholders will receive all the shares in Svitzer Group tax-free.
Every A or B share worth a nominal DKK 1,000 ($145) will entitle the holder to two new shares in Svitzer Group.
Holders of DKK 500 A and B shares will get one Svitzer Group share, which is worth a nominal DKK 10.
A market cap will be decided by the market, Svitzer Group has said.
Fearnley Securities said the stock distribution represents about 2% of Maersk’s market cap, which is currently $22.7bn.
Svitzer has been part of Maersk for almost 45 years and operates more than 450 vessels.
The company was founded in 1833 and serves 2,000 clients at more than 140 ports.
