AP MOELLER-MAERSK, the world's largest shipping company, fired its chief executive, Jess Soederberg, 62, and replaced him with Carlsberg's Nils Smedegaard Andersen, 48, after a 23 per cent drop in profit last year.

Two other top executives have submitted their resignations.



Carlsberg brewery CEO Nils Smedegaard Andersen, 48, takes command from Mr Soederberg, who has been at the helm since 1993. Mr Andersen has run Carlsberg since 2001, during which time the Danish brewer's shares have more than doubled in two years while Maersk stock has risen 12 per cent in the same period. Moreover, Maersk profit has fallen for two years as its sales increased.



Shipping rates dropped last year as competitors raced to meet growing demand, particularly in China. "Andersen is a surprising choice and not necessarily an ideal one," said Stephen Rammer, an analyst with Alm. Brand Henton in Copenhagen. "His experience is in retail, and that's different from transport and business-to-business, which is what Maersk does."



Mr Andersen will move to Maersk by December 1, Valby, Denmark-based Carlsberg said in a statement. He will lead a company with a market value of DKR88 billion (US$51.9 billion), five times the size of Carlsberg.