Bunker Holding on Tuesday (23 September) announced the appointment of Peder Møller as its new Group CEO, replacing Keld R. Demant who has been with the bunker supplier for 27 years.
Møller, 39, will effectively assume the role on 6 October. Since November 2024, he has been part of Bunker Holding’s executive management.
Bunker Holding said it has undergone a remarkable transformation over the past quarter of a century, during which time Demant has played a central role. He joined the company as Sales and Marketing Director and, since 2013, has served as CEO.
Under his leadership, Bunker Holding has grown from revenues of USD 0.2 billion to a global market leader with a revenue of USD 13.7 billion in the most recent financial year, more than 60 offices in over 30 countries, and a global workforce of 1,300 employees. For some time, Demant has expressed his wish to step down once the right successor was identified – and now the time has come.
As a key figure in the development and implementation of Bunker Holding’s current Fit For Future strategy, the company said Møller is the natural choice as the company’s new CEO.
Chairman of the Board, Klaus Nyborg, said: “Under Keld’s leadership, the company has grown to become the world’s largest bunker supplier. He has spearheaded global expansion, delivered impressive results, and most recently strengthened Bunker Holding’s role in the green transition.
“The Board is grateful for his significant contribution over the years. But as the bunker industry is now undergoing a new transformation, it is also the right time to bring in fresh capabilities – something Peder will most certainly deliver.”
The company said its latest annual report underlined the resilience that has always characterised the Group, while also showing that earnings in recent years have not matched past performance.
“The global bunker market is complex, currently marked by geopolitical conflicts, fierce competition among suppliers, and the introduction of new, more sustainable alternatives,” the company added.
When Møller first joined Bunker Holding in 2016, it was as Group Strategy and New Business Director, where he helped shape the company’s then-current strategy. Prior to that, he worked on developing and implementing commercial strategies across Europe and Asia at Carlsberg Group.
Nearly a year ago, he returned to Bunker Holding from sister company Global Risk Management, where, as CEO, he led a comprehensive revitalization of the business. Møller holds a Master’s degree from Copenhagen Business School, an Executive MBA from INSEAD, and has completed the Executive Leadership Program at Harvard Business School. He also enjoys the full confidence of USTC CEO and co-owner, Nina Østergaard:
Nina Østergaard, said: “When I first joined Bunker Holding as a young executive assistant, Keld was my mentor for several years. He has left a strong mark on the organization and has been a unifying figure. But given the recent market developments and the implementation of a new strategy, it is the right time to bring in new energy.
Peder has already proven his commercial strengths, and the ongoing transformation of Bunker Holding is clear proof of his ability to make things happen.
Since Torben Østergaard-Nielsen founded the company in 1981, which later grew into the world’s largest supplier of marine fuels, the position of CEO has only been held by himself and Demant – until now.
Torben Østergaard-Nielsen, founder and co-owner of Bunker Holding’s parent company, USTC, said: “Since I hired Keld 27 years ago, our relationship has grown into a strong and unique partnership. His ability to lead and turn visions into actions has been invaluable. Together we have navigated countless challenges, and I am pleased that we will continue our collaboration in a new capacity, as Keld will remain on board as Senior Advisor to the USTC Group.”
Going forward, Bunker Holding’s Executive Management will consist of: Peder Møller, CEO, Michael Krabbe, CFO and Anders Grønborg, CCO. At the same time, Keld R. Demant will assume the role of Senior Advisor to the USTC Group.
