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McKinney Møller family eyes active management at Maersk as profits plummet

The McKinney Møller family intends to own – partly or as a majority shareholder – several of the Maersk-related entities directly following key strategic changes at the Danish transport-to-energy behemoth Maersk Group.

The McKinney Møller family intends to directly own – partly or as a majority shareholder – several Maersk-related entities directly following key strategic changes at the Danish transport-to-energy behemoth Maersk Group.

The announcement comes as the 113-year-old Danish company replaced its chairman of 14 years and posted its second heaviest loss in seven decades.

Chairman of A.P. Møller Holding A/S and vice chairman of the board of directors of A.P. Møller - Mærsk A/S, Ane Mærsk Mc-Kinney Uggla said: “We are redefining the group with the establishment of A.P. Møller Holding as the ‘mother company’ of the Maersk activities,” explains Uggla.

The purpose of AP. Møller Holding is to exercise its role as an active owner in the spirit of A.P. Møller and to ensure that the foundation has the financial means to contribute to society for generations to come, she added.

Maersk reported a net loss of $1.9 billion, the result of a $2.7 billion of impairments in its energy servicing businesses, Maersk Supply Service and Maersk Drilling. Revenues dropped 5% to $35.5 billion in 2016, on a year-to-year basis.

The losses were followed poor earlier results. In May, the family business reported first quarter profits of $37 million - a 94.9% drop compared to the same period in 2015.

Michael Pram Rasmussen, chairman since 2003, is to step down and will be replaced by ex- SAP chief executive Jim Hagemann Snabe (pictured).

It comes at a time of significant change driven by changing market forces. In September 2016, the Danish family business announced plans to split its container shipping and energy operations into two independent entities as part of a historic shake-up and refocus on transport and logistics.

Rocked by low shipping and oil prices, the Copenhagen-based group said the transport and logistics division would handle its shipping and container business, while the energy arm, which handles oil production and drilling, will be sold off over the next two years.

Controlled by the McKinney Møller family through a foundation, Maersk traces its roots to 1904 when it was set up by Arnold Peter Møller.
 

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