Maersk Line COO Morten Engelstoft has been appointed CEO of Services and Other Shipping in Danish shipping and logistics giant Maersk, with Søren Toft taking over the position he will vacate effective January.
Services & Other Shipping consists of Damco, Maersk Tankers, Maersk Supply Service, and Svitzer. Concurrently, Engelstoft will take over as unit CEO of Maersk Tankers, while Hanne B. Sørensen has been appointed CEO of Damco.
All the appointments will be effective from January 1, 2014.
“As COO of Maersk Line Morten Engelstoft has been a key driver in the turnaround and in the reduction in the global network cost, which has been an important part in creating the past five quarters of positive results in Maersk Line,” said group CEO Nils S. Andersen.
He added: “His task will now be to realize the full potential of the four businesses in Services & Other Shipping and together with the businesses CEOs define a plan for future growth.”
Sørensen, meanwhile, “will bring organizational and market experience to Damco, which is in the midst of rolling out a global operational model—One Damco.”
Toft joined Maersk in 1994 and has held several positions in the group. He comes from a job as head of network planning in Maersk Line. Prior to this he held various positions in operations in Germany and Indonesia.
The four businesses in Services & Other Shipping will remain individual businesses with own CEOs reporting to Engelstoft, who will report directly to Andersen.