The re-adoption of its previous name became effective September 8, 2021
The change back to DSV A/S is meant to ensure brand consistency
Just two years after changing its name to DSV Panalpina A/S, Danish transport company DSV announced it is reverting to its previous name of DSV A/S effective September 8, 2021.
The decision to return to its previous company name was approved by DSV shareholders at an extraordinary general meeting on September 8 at the headquarters in Hedehusene near Copenhagen, Denmark.
DSV A/S completed the acquisition of Panalpina Welttransport (Holding) AG on August 19, 2019, creating one of the world’s largest transport and logistics companies, and changed its name to DSV Panalpina.
With the DKK30 billion (US$4.8 billion) acquisition of Agility’s Global Integrated Logistics business (GIL), which was finalized on August 16, 2021, DSV will undergo its most significant change of the business since acquiring Panalpina.
“With this change, the timing is right to change the name of the parent entity back to DSV A/S and secure brand consistency across all markets and operations,” DSV said.
As part of the all-share acquisition of GIL, in which Agility Warehousing Company KSCP (Agility) has become a large shareholder of DSV, it was decided to nominate a representative from Agility to the Board of Directors. At the extraordinary general meeting, Tarek Sultan Al-Essa was elected as proposed by the Board.
Tarek Sultan is currently the vice chairman of Agility and at the same time, holds positions as a member of the Board of Trustees, Kuwait’s Silk City and Boubyan Island Development Project.
At the same meeting, the shareholders also adopted a proposal to amend the company’s remuneration policy by including environmental, social, and governance (ESG) criteria for granting stock options to the Executive Board.
Chairman of the Board of Directors Thomas Plenborg noted that this change to the remuneration policy is a clear reflection of DSV’s wish to increase focus on sustainability and ESG.
Photo courtesy of DSV A/S