Today, after 18 years on the Board of Directors, the past 14 as Chairman, Michael Pram Rasmussen gave his final report to the 1,000 shareholders at A.P. Moller - Maersk’s Annual General Meeting.
The report outlined the developments A.P. Moller - Maersk has been through in the past decade, seeing a widespread conglomerate transform into an efficient and focused company. In tough markets, leading to major fluctuations in oil prices and freight rates, A.P. Moller - Maersk has generated an average return of approximately 7% of capital invested since 2010.
“The way forward is our new strategy with an integrated Transport & Logistics business, where we gain a greater part of the value chain, without corresponding investments in heavy assets. We have excellent opportunities to achieve this,” Pram Rasmussen said.
Speaking about the timing of the strategic change, the Chairman pointed to the fact that creating a new top-performing unit by integrating individual businesses is only possible when the individual businesses are top-performers. Otherwise, synergies will not surface. The shareholders acknowledged the report and new strategy and ATP, a Danish institutional investor, congratulated the Chairman on the new direction.
A new Chairman
As announced in connection to the release of A.P. Moller - Maersk’s Annual Report in February, this year’s Annual General Meeting was Michael Pram Rasmussen’s last as Chairman, following his decision to step down after 14 years in the role.
The Board of Directors elects Jim Hagemann Snabe to succeed Michael Pram Rasmussen as Chairman. Addressing the shareholders, Hagemann Snabe underlined his commitment to the new strategy:
“Let me say it up front: There are no simple shortcuts. The strategy calls for a number of important decisions – and a lot of hard work to see it through. Fortunately, A.P. Moller - Maersk has some of the brightest and most dedicated employees in the industry. This is essential to succeed.”
Also, the next Chairman spoke about his motivation for accepting the new role:
“The reason I gratefully accepted the invitation to be the next Chairman is partly based on my personal admiration and enthusiasm for A.P. Moller - Maersk as a company. And partly due to the company’s important role in the development of international trade – as well as its crucial role in relation to the energy supply in Denmark.”
“This combined with a strong set of values, and an entrepreneurial spirit and commitment from more than 88,000 talented employees makes this task one of the most inspiring I can imagine contributing to,” Hagemann Snabe said.