Chairman denies connection between poor 2024 financial results and CEO dismissal
Declining financial results have nothing to do with Blue Water’s CEO dismissal.
This is emphasized by Blue Water’s board chairman, Jørgen Wisborg, to Shippingwatch.
On Tuesday, news broke that transport and logistics giant Blue Water parted ways with their top executive of seven years, Søren Nørgaard Thomsen, and replaced him with Thomas Bek, who was recruited internally within the organization.
The news came four months after the presentation of the company’s 2024 financial results, which fell far short of expectations.
The year ended with a modest profit of 23 million DKK before tax. The target for 2024 was a result of 150-170 million DKK before tax, equivalent to the level from 2023, where the bottom line was 147 million DKK before tax. Despite a revenue growth of 538 million DKK to 9.497 billion DKK in 2024, the expected margins were not achieved.
– We are not satisfied with the overall result for 2024, said – then-current CEO – Søren Nørgaard Thomsen, CEO of Blue Water, when the financial results were presented.
However, the CEO’s departure and the 2024 results are not connected, according to the chairman.
– I don’t think you can say that, Jørgen Wisborg tells the media.
– On the contrary, I believe Søren improved the results when he took over. We had a poor 2024, but that has nothing to do with the matter, he adds.
Instead, the chairman argues that a new corporate strategy requires a new person in the CEO role.
– Søren Nørgaard Thomsen has as CEO made a significant effort to strengthen Blue Water, and we therefore have much to thank him for over the past seven years. Through his dedicated and professional approach, he has contributed to developing and positioning Blue Water, but the board has assessed that a different profile is needed to execute the new strategy, said Jørgen Wisborg on Tuesday when the news of the CEO change was announced.
The CEO change has taken effect immediately.
Blue Water presented a new 2030 strategy in March – incidentally at the same time as the presentation of the 2024 financial results.
The new strategy has a sharper focus on profitable growth and more efficient operations.
Organizationally, greater emphasis will be placed on regional decision-making structures to bring responsibility and action even closer to customers and local markets.
This is the strategy that the new CEO is to implement.
– Thomas Bek has strong managerial understanding and knowledge of the entire Blue Water business: commercially, operationally, and financially – and he is one of the strongest ambassadors for Blue Water’s unique values and culture. We have assessed that it is the right time to put Thomas Bek at the helm of Blue Water now, as we are to deliver on the goals of an ambitious 2030 strategy, says Jørgen Wisborg.
Also read:
Blue Water fires top executive – replacement found
Blue Water in 2024: – We did not live up to expectations
After disappointing 2024: Now Blue Water must get back on track
