Jim Hagemann Snabe is new chairman of AP Møller-Maersk

At its annual general meeting in Copenhagen yesterday, shareholders of the Maersk group have voted to appoint Jim Hagemann Snabe (pictured above) as chairman of the world’s largest shipping company.

He replaces Michael Pram Rasmussen, who gave his final speech to shareholders after 14 years as chairman and 18 years on the board.

Mr Hagemann Snabe also spoke to shareholders and used the opportunity to explain the corporation’s new strategy, which saw it split into two divisions – an integrated transport and logistics unit and an energy division.

He told them: “Let me say it up front: there are no simple shortcuts. The strategy calls for a number of important decisions – and a lot of hard work to see it through. Fortunately, AP Møller-Maersk has some of the brightest and most dedicated employees in the industry. This is essential for success.

“This combined with a strong set of values, and an entrepreneurial spirit and commitment from more than 88,000 talented employees makes this task one of the most inspiring I can imagine contributing to,” he said.

Mr Hagemann Snabe is a former co-chief executive of SAP, and is vice-chairman of Bang & Olufsen as well as serving on the board of trustees of the World Economic Forum.