Søren Toft Becomes Mediterranean Shipping CEO

By Costas Paris 

Switzerland-based Mediterranean Shipping Co. appointed Søren Toft, a longtime executive at the operator's top rival, as its new chief executive officer, in a rare move by the company controlled by Italy's Aponte family to name a non-family member to a senior position.

Mr. Toft, 45, was the former chief operating officer of Denmark-based A.P. Møller Maersk A/S, the largest container shipping company by capacity, until his abrupt resignation last week.

MSC said in a statement that founder Gianluigi Aponte, who is 79, would retain his position as chairman. The Wall Street Journal had earlier reported that Mr. Aponte planned to step down to be replaced as chairman by a son, Diego Aponte, the group's current president.

MSC runs more than 470 container ships across all main shipping routes world-wide and controls nearly 16% of the capacity in a sector at the center of global trade. The company is also one of the world's top five cruise operators, a unit run by Mr. Aponte's son in-law, Pierfrancesco Vago.

Gianluigi Aponte founded Geneva-based MSC in 1970 and is the controlling shareholder of the privately held company.

Diego Aponte joined the company in 1997 and became president and chief executive in 2014. He is giving up the group CEO title under the leadership change.

MSC and Maersk Line share some vessel operations in a joint shipping agreement called the 2M Alliance.

"Mr. Toft comes with an impressive career background and pedigree in the industry, having worked at Maersk for the past 25 years, specifically as Maersk Line's Chief Operating Officer since 2014," MSC said in a statement. "MSC is confident that this appointment will bring significant value to its cargo businesses, building on the company's existing strengths and boosting its development plans even further."

Write to Costas Paris at [e-mail]

(END) Dow Jones Newswires

November 18, 2019 14:45 ET (19:45 GMT)

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