[pretoria] - Maersk management given time to turn around 'supertanker'

  |   Pretorianews

INTERNATIONAL - The main shareholder and the chairman of Danish shipping group A.P. Moller-Maersk both gave their backing on Tuesday to management’s efforts to reshape the business.

The company is a “supertanker” that takes a long time to turn around, Ane Maersk Mc-Kinney Uggla, chairwoman of the A.P. Moller Foundation, which owns a controlling stake in the company, told reporters before Tuesday’s annual general meeting.

“It’s been a tough year, but there have also been many good things in our transformation,” she added. She declined to set a date for when the turnaround should be done.

The world’s largest container shipper has struggled to convince some of its investors about a major restructuring plan announced in September 2016 to review its sprawling businesses and refocus efforts into transport and logistics....

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