Torm Appoints New CFO
Mads Peter Zacho (44) has been appointed new Chief Financial Officer (CFO) of TORM A/S. With an educational background as M.Sc. from the University of Copenhagen, Mads Peter Zacho began his professional career in banking working with Goldman Sachs Intl. and Unibank before joining the International Finance Corporation in Washington D.C. Mads Peter Zacho was with Nordea in Copenhagen before being recruited to A.P. Moller Maersk, where he was appointed Deputy Head of Group Finance. He joined Svitzer in 2010 where he is CFO today. “We are very pleased with the appointment of Mads.
TORM CFO Resigns
CFO and member of the Executive Board of TORM Roland M. Andersen tendered his resignation. Andersen will continue his normal duties on the Executive Board and leave the Company latest by the end of October 2013. The search process for a new CFO will be initiated immediately, TORM said. www.torm.com
TORM Sells Two Bulk Newbuilding Contracts
TORM has entered into an agreement to sell two Kamsarmax bulk newbuilding contracts. The two vessels contracted in 2007 were scheduled for delivery in the fourth quarter of 2012 and the first quarter of 2013 respectively. The agreement has a positive cash impact of $21m in January 2012 and it will reduce the remaining CAPEX requirements by $42m. quarter of 2011. "The sale reflects our cautious view on the dry bulk market going forward, and it fits well into the Company's overall plan to preserve ash and reduce debt," says CFO Roland M. Andersen. As a consequence, TORM revises its forecast for the full year 2011 from an expected loss before tax of $190-210 million to an expected loss before tax of approximately $230-250 million.
