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Norden trims at the top ahead of Q2 results

Norden trims at the top ahead of Q2 results
Norden has announced it is reducing its executive management team from five staff to three, with immediate effect.

Under the changes cfo Michael Jørgensen and evp Lars Christensen will resign. The pair will be released from duties after making themselves available to the company for a short time.

After the cuts the management team will consist of ceo Jan Rindbo, cfo Martin Badsted and evp Ejner Kiel Bonderup.

Badsted will take responsibility for the Finance Department, Investor Relations and Corporate Secretariat.

Søren Huscher will continue to manage commercial operation through his role as ceo of the Norient Product Pool. Dry cargo and tanker sale & purchase and long term charter procurement will be covered by the new Asset Management department under the direction of Projects Department head and newly-appointed svp, Henrik Madsen.

”On behalf of the Board of Directors, I would like to thank Michael and Lars for their considerable contribution to Norden over the years. They have both had a positive influence on Norden's development, but we are simplifying the organisation, which also necessitates adjustment of the management structure”, commented Klaus Nyborg, Norden chairman.

In late June, Norden raised its earnings forecast into the black as both its tanker and dry cargo fleets performed better than previously expected. The company's first half results are due for release tomorrow, 12 August.