Danfoss implements planned generational shift in ownership
NORDBORG, Denmark, 23 March 2022: Former Danfoss CEO, Jørgen Mads Clausen has informed the Board of Directors that he will resign as Chairman of the Board of Danfoss A/S with effect from the Annual General Meeting to be held on March 25, 2022. Making the announcement through a Press release, Danfoss said Clausen will remain a member of the Board of Directors until the Annual General Meeting on March 25, when his current term expires.
According to Danfoss, the Board has nominated current Vice Chairman, Jens Bjerg Sørensen to succeed Clausen as Chairman of the Board after the Annual General Meeting.
Clausen said: “Danfoss is now a stronger, bigger and more global company, but also one with a clear goal of contributing to the green transition and combatting climate change with our energy-efficient products and solutions. This is a result of our business strategy, which is now being updated with an ambitious sustainability strategy. It has been a pleasure to safeguard my parents’ life work for the benefit of Southern Jutland, Denmark and the world. Now it’s time for the next generation to take the lead. The timing is right for me.”
According to Danfoss, Clausen was CEO of the company from 1996 to 2008 and Chairman of the Board since the 2009 Annual General Meeting. Despite stepping down from the Board, he intends to maintain his strong commitment to Danfoss, the company said. This follows the tradition that started with Bitten Clausen, who was one of the world’s first female board chairs from 1966 to 1971 and, later, Danfoss’ Vice Chair until 1989, the company added.
Clausen said: “I will continue to be available to the company and represent the family to employees and business associates. But both my siblings and my wife and I are delighted that the third generation of the family is showing their commitment to Danfoss by taking on greater responsibility. At the same time, we couldn’t ask for a better chairman than Jens Bjerg Sørensen. Jens has the right skills, experience and understanding of Danfoss and our culture. He can take Danfoss to new levels, together with the rest of the Board, management and our employees.”
Sørensen said: “I am honored to be nominated as the new Chairman of the Board. Danfoss has an impressive history. The foundation based long-term ownership and the family’s strong values are one of the main reasons why Danfoss now has a decisive influence on whether the world succeeds in the green transition. Danfoss is financially stronger than ever and has developed significantly during Jørgen’s time as Chairman. As Vice Chairman, I have followed the close collaboration between Jørgen and Danfoss’ CEO, Kim Fausing, which I consider crucial to Danfoss’ success. I intend to maintain this together with the new Board of Directors.”