Danish dry cargo and tanker shipping company Dampskibsselskabet Norden A/S informs it has combined a number of management functions in order to reduce its executive management team from five to three members.
“With the changes we are consolidating a number of functions creating a more streamlined organization,” Norden CEO Jan Rindbo stated in a press release. “This will also have implications for the composition of the executive management.”
Effective immediately, Norden’s new plan sees the executive management team trimmed down to CEO Jan Rindbo, CFO Martin Badsted and executive vice president Ejner Kiel Bonderup.
The new management plan calls for the resignation of Michael Tønnes Jørgensen and Lars Bagge Christensen, formerly CFO and executive vice president, respectively. Both will be available for a “short period of time” before being “released from their duties,” the shipper said.
Former executive vice president Badsted, now CFO, will lead the company’s finance department, investor relations and corporate secretariat.
Henrik Lykkegaard Madsen, previously head of the projects department, will become senior vice president, leading the company’s new dry cargo and tankers asset management unit covering sale and purchase as well as long-term charter procurement.
Commercial operation of Norden’s tanker fleet continues unchanged in the Norient Product Pool under the management of pool CEO Søren Huscher.
“On behalf of the board of directors, I would like to thank Michael and Lars for their considerable contribution to Norden over the years,” commented Klaus Nyborg, chairman of Norden. “They have both had a positive influence on Norden’s development, but we are simplifying the organization, which also necessitates adjustment of the management structure.”