EMEA News
Torm's CFO Resigns
Danish shipping company TORM A/S [NASDAQ:TRMD] (TORM) announced today that its CFO, Roland M. Andersen, has tendered his resignation.
Andersen will continue his normal duties on the Executive Board and leave the company at the latest by the end of October 2013.
"The work to get the Restructuring Agreement in place has now been completed, the Company's situation has stabilized and the Annual General Meeting has approved the Annual Report for 2012. In the light of this, I have decided that now is the right time for me to embark on a new journey in my professional life," explained Andersen.
TORM completed its restructuring last year, and reported more than half of its $581 million loss in 2012 was due to impairment charges and the effects of the restructuring.
"I have appreciated our cooperation, and on behalf of both the Board of Directors and CEO Jacob Meldgaard I wish to acknowledge Roland M. Andersen's valuable contribution to the Company also during the difficult restructuring process," said TORM's Chairman Flemming Ipsen.
Last week the firm said it had decided to delist from the Nasdaq stock exchange.
