Maersk’s Grandson Takes Over as CEO of Svitzer

COPENHAGEN (Dow Jones)–Danish industrial conglomerate A.P. Moller-Maersk A/S (MAERSK-B.KO) said Wednesday it has appointed Robert Maersk Uggla as the new head of its tugboat subsidiary Svitzer.

The 33-year-old Uggla, who is the grandson of the family-controlled group’s unrivalled patriarch, Maersk Mc-Kinney Moller, is currently chief executive of the group’s Swedish tanker company Brostroem.

The move is a step up for Uggla, who has long been considered the likely successor of 98-year old Mc-Kinney Moller, the son of the founder of Mearsk. Mc-Kinney Moller has long withdrawn from the daily operations of the group, but still retains overall control through the A.P. Moller and Chastine Mc-Kinney Moller Foundation, which owns the majority a Maersk’s issued A stocks.

Uggla replaces Jesper Lok, who is leaving Maersk to become CEO of national Danish railroads operator, DSB, from May 1.

Uggla joined Maersk in 2004 and two years later became Maersk Line country manager based in Dubai, before he moved on to head Brostroem in 2009.

Svitzer has some 4,500 employees and operates a fleet of more than 500 vessels, while Brostroem has about 1,500 staff and operates 70 tanker vessels.

Robert Uggla’s mother, Ane Maersk Mc-Kinney Uggla, is chairman of A.P. Moller-Maersk’s supervisory board.

-By Flemming Emil Hansen, Copenhagen Bureau, Dow Jones Newswires

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