Danish Crown has brought in an outsider to run the meat cooperative as CEO in the form of Niels Duedahl.
Duedahl will take on the role from 2 September to replace Jais Valeur, who in June announced he was stepping down as chief executive earlier than originally anticipated.
Valeur’s last day at Randers-headquartered Danish Crown is 30 August, according to a statement. He took up the position as CEO in 2015.
Chairman Asger Krogsgaard said: “We are facing a new strategy period and are in the initial phase of a significant transformation of Danish Crown's business, which must be carried out with precision and high cadence.
“As a top executive, Niels has made big and bold decisions, and he is visionary, even in adversity. He is also a value-driven leader who is very aware of the importance of culture in a company undergoing change.”
Duedahl is currently CEO of the Danish electricity and telecommunications company Norlys, holding the helm since 2009. His executive career history also includes The Lego group, the TDC Group telecoms business, Nordea and Jyske Bank.
He said in the statement: “A few times in life, you get an opportunity that is so exciting that you simply cannot say no. Danish Crown is undergoing a thorough transformation, which I feel well-equipped to lead.
“Danish Crown is a fantastic company, which I believe has unrealised potential. I am highly motivated to ensure competitive returns for the farmer owners, as well as passionate about creating a workplace and culture where the best talents want to work.”
Danish Crown also lost its former chairman Erik Bredholt last November in the wake of an interview with Denmark’s Finans business news publication, in which he suggested the co-op would be open to investor interest in some parts of the business.
Months earlier, the Denmark meat processor had said it was aiming to boost its “earnings” over a two-year period by “at least” DKr1.5bn ($217.9m) through a multi-faceted initiative, including improving efficiencies at its facilities through technology to cut production costs.
In its most recent financial results, the half year to 31 March, Danish Crown reported revenue of DKr33.5bn, a decrease of 2.9%.
Gross profit fell 2.7% to DKr4.7bn, while net profit was down 15% at DKr764m.
Danish Crown said in June, on the announcement of Valeur’s departure, that the co-op has been working on a new strategy since May, “which is expected to be ready for presentation in the autumn”.
Krogsgaard added today that Duedahl can now “help drive the strategic process we initiated before the summer holidays and immediately can make his mark on Danish Crown's direction moving forward”.
