The Board of Directors of Pacific Basin Shipping Limited announced on Wednesday that Mats Berglund has decided to resign and retire from the position of Executive Director and the Chief Executive Officer of the Company and the Board has agreed with him that his last day of service will be 30 July 2021.
The Board announced that Martin Fruergaard has been appointed as an Executive Director with effect from 2 July 2021 and that he will take over the full responsibilities as the Chief Executive Officer of the Company from 31 July.
Berglund has decided to resign and retire from the position of Executive Director and the Chief Executive Officer of the Company after nine years in the position as he intends to return to Sweden, the company stated.
“Berglund will carry out a comprehensive handover of responsibilities to Fruergaard between 2 July and 30 July 2021.”
Fruergaard, aged 53, holds an EMBA degree from the International Institute for Management Development (“IMD”) in Lausanne, Switzerland and has attended various executive courses at IMD and Harvard Business School, most recently he completed the Advanced Management Program at Harvard Business School.
Fruergaard started his long career in shipping at A.P. Moller-Maersk A/S Group in 1989, first as a trainee at Maersk Tankers and became part of the gas carrier operation in Houston, USA and Copenhagen, Denmark from 1991 to 1995. He then spent eight years with Maersk Bulk Carriers and became its Senior Director in 2003 when he moved back to Maersk Tanker as its Senior Vice President.
In 2009, Fruergaard became the chief commercial officer of Maersk Drilling where he was part of the senior management team with responsibilities in customers, sales and marketing, investments and divestments, corporate social responsibility and communication.
Fruergaard joined Ultragas in 2015 assuming the role of chief executive officer up to the present time. He led the strategy development and execution where he implemented commercial excellence processes, delivered competitive technical management services and expanded their fleet of ships. He is currently a board member of Danish Shipping and The Danish Maritime Fund.
“Fruergaard has entered into a service agreement with the Company under which he is appointed as an Executive Director for a period of three years commencing on 2 July 2021, subject to retirement by rotation and reelection at the annual general meetings of the Company in accordance with the Bye-laws of the Company,” Pacific Basin informed.
Sea News, January 21