The generational shift at Danish bunker and tanker giant United Shipping & Trading Co (USTC) has been completed as Torben Ostergaard-Nielsen takes a step back from the front line.
The founder, co-owner and chief executive is taking on a new role as working chairman of the board, while his elder daughter, Nina Ostergaard Borris, becomes CEO.
She was previously chief operating officer.
The company said the new boss has spearheaded multiple mergers and acquisitions over the past few years, including adding CM Biomass and Freja Logistics to the group.
Ostergaard-Nielsen’s younger daughter, Mia Ostergaard Rechnitzer, is also moving into executive management as chief governance officer.
She was head of governance before this promotion. Ostergaard Rechnitzer will focus on developing environmental, social and governance (ESG) initiatives for USTC and its subsidiaries.
The two daughters became co-owners of the business in 2020.
USTC is one of Denmark’s biggest conglomerates. It sells ship fuel through Bunker Holding and operates a fleet of 38 owned and chartered modern product and chemical tankers through offices in Denmark, Turkey, France and the US.
The founder will remain “actively involved”, focusing his efforts on setting the strategic direction for the company, USTC said.
“It is exciting and very satisfying to take this next step in the generational succession and to hand over the responsibility of the daily operations of USTC to Nina,” Ostergaard-Nielsen said.
“She has really excelled in her role as chief operating officer of USTC and has proven over a number of years that she has both the competencies and the experience to grow USTC while safeguarding the solid foundation that USTC is built on.”
Family legacy continues
The goal of the changes is to carry on the family legacy at the company.
“Together, Nina and Mia will carry on developing the organisation while ensuring that the family values will continue to permeate the company,” Ostergaard-Nielsen said.
“I will remain close to the business and stay very active in owner-related decisions surrounding USTC. I will continue to do so in close collaboration with both Nina and Mia and the leadership in all USTC companies.”
And he said he has no plans to retire or reduce his workload.
New CEO Ostergaard Borris will continue to evolve the group, USTC said.
“It is with great pride but also humility that I will take over from my father. I am very much aware that I have a heavy legacy to lift and the responsibility this entails, and I am grateful for the opportunity and trust being passed onto me,” she said.
“My vision for the company is clear and strong, and I am thankful to have the support of my father, my sister and the board of directors.”
Ostergaard Borris said she is especially excited to continue growing and strengthening the group and to work closely with her sister in driving forward the ESG agenda for USTC.
Board changes
Ostergaard Rechnitzer said: “I am extremely pleased that Nina will assume the role as CEO of USTC. Not only is she fully capable of taking on her new responsibilities, but her new role also means that USTC operations will remain closely linked to the family ownership.
“Nina and I work extremely well together, and I really look forward to continuing to build on our joint vision for USTC.”
The executive management team includes Jakob Schultz Nielsen as group chief financial officer.
Current chairman Klaus Nyborg will become vice chairman and will also take over as chairman of Bunker Holding and Uni-Tankers.
Torben Janholt has decided to step down as a director.
