Shipping giant A.P. Moller-Maersk has announced that Vincent Clerc, who has been with the firm for 25 years, is to replace Soren Skou as chief executive officer as of January 1.
"The strong tail winds that benefited the supply chain industries during the pandemic are coming to an end," chairman of the board Robert Uggla said in a statement.
"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," he added.
Ocean & Logistics
Company veteran Clerc currently heads the Danish company's Ocean & Logistics business.
Skou, who has been in the job since 2016, oversaw the group's transformation from a conglomerate into an integrated logistics company.
Following the move, the company's executive board will consist of CEO Vincent Clerc, CFO Patrick Jany, Henriette Hallberg Thygesen and Navneet Kapoor.
In November, Maersk warned of slowing demand for transport and logistics as a global recession looms and cut its forecast for container demand this year, even as it beat third-quarter earnings expectations.
"It is clear that freight rates have peaked and started to normalise during the quarter, driven by both decreasing demand and easing of supply chain congestion," Skou said in a statement at the time.
The Copenhagen-based company, one of the world's biggest container shippers with a market share of around 17%, is often seen as a barometer of global trade.
News by Reuters, edited by ESM – your source for the latest supply chain news. Click subscribe to sign up to ESM: European Supermarket Magazine.