OREANDA-NEWS. Morten Engelstoft has been appointed CEO of Services & Other Shipping in Maersk. The appointment will have effect from January 1, 2014. In addition Morten Engelstoft will take over the position as CEO for Maersk Tankers, as Hanne B. Sorensen has been appointed CEO of Damco. The changes in Maersk Tankers and Damco will also be effective from January 1, 2014.

Services & Other Shipping consists of Damco, Maersk Tankers, Maersk Supply Service and Svitzer. The target for Services & Other Shipping is to reach USD 500 million in operational profit by 2016.

“The Group is fortunate to have highly experienced leaders to choose from internally. This makes it possible for us to maintain momentum and keep focus on the business. Both Morten Engelstoft and Hanne B. Sorensen leave behind strong and dynamic organisations with talented teams well prepared for the future,” says Group CEO Nils S. Andersen adding:

“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. His task will now be to realise the full potential of the four businesses in Services & Other Shipping and together with the businesses CEO's define a plan for future growth. Hanne B. Sorensen has successfully repositioned Maersk Tankers, which now has a clear path for the future and she will bring organizational and market experience to Damco, which is in the midst of rolling out a global operational model - One Damco.”

The four businesses in Services & Other Shipping will remain individual businesses with own CEO's reporting to Morten Engelstoft, who will report directly to Group CEO Nils S. Andersen.

“It has been very satisfactory to be part of the journey with Maersk Line and participating in delivering positive results. We are competitive, have great teamwork - and a compelling plan for the future. I am certain that Maersk Line will continue to be best in class in the industry. Now, I look forward to heading the businesses in Services & Other Shipping and ensuring further development and growth. They all have significant potential and I will ensure that they get the necessary focus to realise exciting long-term developments,” says Morten Engelstoft.

Morten Engelstoft also takes over the position as CEO of Maersk Tankers, as Hanne B. Sorensen leaves this position to become CEO of Damco replacing Rolf Habben-Jansen, who announced his departure in September 2013.

“I have enjoyed being in Maersk Tankers. It's an organization of fantastic people who have given their fullest and worked on trimming and focusing the company despite difficult conditions, an effort recognized by the Group. Maersk Tankers is now ready to look ahead, so this is a good time for me to pass on the baton. I look very much forward to assisting Damco in becoming an even bigger success. Damco is a great company and not least part of an exciting industry,” says Hanne B. Sorensen.

Soren Toft will replace Morten Engelstoft as COO of Maersk Line. Soren 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 has held various positions in Operations both in Headquarters, Germany and Indonesia.