Days after Carlsberg announced that its Chief Executive, Cees ’t Hart, will retire at the end of September, the Danish brewer has named his replacement.
Jacob Aarup-Andersen will join the company by the end of the third quarter, with an exact start date yet to be confirmed. He currently works for ISS A/S, where he has served as CEO since 2020. ISS is a facility management firm with 360,000 employees operating in 60 countries. During his tenure at ISS, the company regained its growth momentum, with 2022 results above expectations.
Prior to ISS, Aarup-Andersen had senior leadership roles at Danske Bank and Danica Pension. He has also worked as an investment professional in firms such as Danske Capital, TPX-Axon Capital, Montrica Investment Management and Goldman Sachs.
Board Henrik Poulsen, Chair of Carlsberg’s Supervisory board, commented: “Jacob brings a unique blend of excellent strategic skills, financial acumen and discipline, global operational experience and an engaging and purpose-led leadership style. We’re pleased that he’ll be leading the next stage of Carlsberg’s value-creating growth journey, and we’re looking forward to welcoming him at Carlsberg.”
Aarup-Andersen added: “I’m very impressed with the successful journey that Carlsberg has been on these past years. Cees and the leadership team have created a strong foundation, both financially and strategically, and I will continue the strong shareholder value focus. I’m looking forward to working with the team over the coming years to further accelerate the full growth and value creation of this unique company.”
While Aarup-Andersen does not have a background in the beer or food industry, his appointment could bring some sought-after “innovation or agility” to Carlsberg, Nordnet analyst Per Hansen told Reuters.
“Carlsberg has probably said: We are forced to compromise with industry knowledge. In return we get someone who is very strong in the financial disciplines,” Hansen said.
Hart was hired in 2015, partly to help restore sluggish sales in its Eastern Europe brewing business. During his time in charge, he has focused on cutting costs and improving sales of premium beers to compete with Heineken and AB InBev. Carlsberg shares have risen more than 60% during Hart’s reign, outperforming its larger rivals.
