Current director is past after seven years. New forces are needed to drive the company forward, says the chairman of the board
Transport and logistics giant Blue Water is changing its top executive.
Thomas Bek, who has been with Blue Water for 29 years, takes over the CEO position from Søren Nørgaard Thomsen, who is leaving the transport and logistics company after seven years.
The company confirms this in a press release.
The reason is that a new strategy and organization require a new man at the helm, it is stated.
– 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, says chairman Jørgen Wisborg.
The management change is effective as of today.
The management change follows the 2024 annual report, where fierce competition and market challenges left their mark.
The year ended with a modest profit of DKK 23 million before tax.
– We are not satisfied with the overall result for 2024, said – now former director – Søren Nørgaard Thomsen, CEO of Blue Water, when the accounts were presented.
– We experienced planned growth in our top line, but it did not translate into a satisfactory result. There are several reasons for this. We had a weak start to the first half of the year in a volatile market, and although we performed better in the second half of the year, we did not manage to meet our budget.
The target for 2024 was a result of DKK 150-170 million before tax, equivalent to the level from 2023, where the bottom line was DKK 147 million before tax. Despite a revenue growth of DKK 538 million to DKK 9.497 billion in 2024, the expected margins were not achieved.
– In recent years, we have experienced global growth in Blue Water – both in revenue, freight volumes, and number of employees – while delivering solid results. We entered 2024 with an organization designed for further growth, but as we did not achieve the expected margins, our cost base was too high relative to the activity level, explained Søren Nørgaard Thomsen.
Along with the annual report, the company presented a new strategy towards 2030. And it is this strategy that requires a new man at the helm.
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.
Thomas Bek has been recruited internally and has for the past three years been part of the top management as COO for the Energy, Ports & Project Division.
Thomas Bek began his Blue Water career as a freight forwarding apprentice 29 years ago and has over the years worked his way up through the company’s management layers.
– Thomas Bek has a strong managerial understanding and knowledge of the entire Blue Water business: commercially, operationally, and financially – and he is also 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.
The new CEO is looking forward to the task but also knows that all eyes are now on him.
– Blue Water stands on a solid foundation.
We have sensibly entered 2025 regarding the implementation of the new strategy and organization, just as the ordinary operations are running as planned. We are, of course, in volatile times where markets and goods flows are affected by unpredictable political and economic conditions—so we are, as always, ready to act and respond in both the short and long term, says Thomas Bek.
– I approach the task with pride and humility, and I will do my best to leave my mark on the continued positive development of Blue Water—naturally in close collaboration with the rest of the management and all colleagues.
Also read:
Blue Water in 2024: – We did not live up to expectations
After a disappointing 2024: Now Blue Water must get back on track
