Maersk management gets time to turn supertanker around
Main shareholder and chair of Danish shipping group both backed efforts to reshape business, though other investors raised concern about rate of progress
Copenhagen — The main shareholder and the chair of Danish shipping group AP Moller-Maersk both backed management’s efforts to reshape the business, although other investors raised concerns on Tuesday about the rate of progress. The company is a supertanker that takes a long time to turn around, Ane Maersk Mc-Kinney Uggla, chair of the AP Moller Foundation, which has a controlling stake in the company, told reporters before the company’s annual meeting. “It‘’s been a tough year, but there have also been many good things in our transformation,” she said. Uggla declined to set a date for completion of the turnaround. The world’s largest container shipper has struggled to convince all of its investors about a major restructuring plan announced in September 2016 to review its sprawling businesses and refocus efforts into transport and logistics. The share price of Maersk, led by CEO Soren Skou since June 2016, drifted 7% lower over the past year. It was 1% off at 11.25am GMT. Leading Dan...
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