Executive Vice President Jacob Meldgaard Replaces Klaus Kjaerulff as CEO of A/S Dampskibsselskabet TORM
September 12 2008 - 3:24AM
PR Newswire (US)
HELLERUP, Denmark, September 12 /PRNewswire-FirstCall/ -- Klaus
Kjaerulff (56) has decided to step down as CEO of TORM after 33
years with the company, having served the last eight years as CEO.
Klaus Kjaerulff will devote himself to functioning as Board member
and other challenges outside of TORM. Klaus Kjaerulff will be
replaced by Jacob Meldgaard, Executive Vice President of the
shipping company NORDEN A/S. Originally trained in shipping at A.P.
M0ller, forty-year old Jacob Meldgaard has been employed with
NORDEN for eleven years and has been in charge of the company's dry
cargo division in the last four years. Together with the rest of
the organisation, he has received outstanding results, and this
year, he was appointed Executive Vice President. In addition to
having specialised in shipping, Jacob Meldgaard holds a Bachelor of
Commerce degree in International Trade from the Copenhagen Business
School and has completed management programmes at INSEAD in France
and at the Wharton Business School in the USA. Chairman of the
Board N. E. Nielsen says: "During some time I have discussed a
change in management with Klaus Kjaerulff and I am pleased that we
can now announce the change." "Having worked for TORM for 33 years,
Klaus Kjaerulff has done an excellent job and has shown unique
business acumen in building a successful company. When he was
appointed CEO in 2000, the shipping company ran a fleet of 21
vessels and employed 225 people at its Copenhagen office. Today,
TORM controls a fleet in the excess of 130 vessels and its staff
numbers more than 3,500 people worldwide. Every year since 2000,
TORM has recorded record high revenue and profit, thanks in great
part to the excellent job performed by Klaus Kjaerulff and the rest
of the organisation. Efforts continue towards our ambition of
further and significant growth, and we are constantly seeking to
achieve our long-term goals and ensure continuity. Having planned
this generational shift in good time will help us ensure such
continuity," says N. E. Nielsen N. E. Nielsen goes on to conclude:
"I'm convinced that the new CEO together with other members of
TORM's management board, its executive staff and skilled employees
around the world will create a bright and exciting future for
TORM." Klaus Kjaerulff, commenting on the generational shift,
states: "I choose to leave now that TORM is doing very well. The
integration after the purchase of OMI has finished successfully and
we have just adjusted an upward direction for the expectations of
the company's result to the best ever for TORM. Having been in TORM
for many years I find it obvious that new strength is needed in the
management to continue the company's growth. I am still young
enough to be able to find new challenges outside of TORM and the
time is perfect for a change in management." In the coming years,
Klaus Kjaerulff will undertake special assignments and projects for
TORM. In the future TORM's management will consist of Jacob
Meldgaard (40) CEO, Mikael Skov (45) COO and Roland M. Andersen
(40) CFO. About TORM TORM is one of the world's leading carriers of
refined oil products as well as being a significant participant in
the dry bulk market. The Company operates a combined fleet of more
than 130 modern vessels, principally through a pooling cooperation
with other respected shipping companies who share TORM's commitment
to safety, environmental responsibility and customer service. TORM
was founded in 1889. The Company conducts business worldwide and is
headquartered in Copenhagen, Denmark. TORM's shares are listed on
the Copenhagen Stock Exchange (ticker TORM) as well as on the
NASDAQ (ticker TRMD). For further information, please visit
http://www.torm.com/. Safe Harbor Forward Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views
with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, Management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although TORM believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, TORM cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections. Important
factors that, in our view, could cause actual results to differ
materially from those discussed in the forward looking statements
include the strength of world economies and currencies, changes in
charter hire rates and vessel values, changes in demand for "tonne
miles" of oil carried by oil tankers, the effect of changes in
OPEC's petroleum production levels and worldwide oil consumption
and storage, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled dry-docking, changes in
TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations
including requirements for double hull tankers or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists. Risks and uncertainties are
further described in reports filed by TORM with the US Securities
and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K. Forward looking statements are
based on management's current evaluation, and TORM is only under
obligation to update and change the listed expectations to the
extent required by law. DATASOURCE: A/S Dampskibsselskabet TORM
CONTACT: Contact, N. E. Nielsen, Chairman of the Board of
Directors: +45-2526-3343, Klaus Kjaerulff, CEO: +45-4010-8111
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