Stubkj?r resurfaces at Nordcapital

Stubkjµr resurfaces at Nordcapital

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Knud Stubkj'r, the former A.P. Moller-Maersk partner and chief executive officer of Maersk Line, will take over responsibility for the shipping activities of Germany’s Nordcapital Group, effective Feb. 1.
   Stubkj'r was one of the highest profile casualties of the Danish group’s summer’s management shake-up that was triggered by container losses of $568 million in 2006. He joined A.P. Moller-Maersk in 1977, becoming a partner in the group and CEO of Maersk Line in May 1999.
   For Hamburg-based Nordcapital, Stubkj'r will become CEO and partner of E.R. Schiffahrt, that under a new corporate structure will operate as an independent entity encompassing all of the group's shipping activities.
   E.R. Schiffahrt operates 114 ships in service and under construction. These include 82 containerships, 19 offshore vessels, 10 bulk carriers and three chemical tankers. Its order book comprises 43 ships worth over $3 billion.
   Nordcapital’s restructuring will also see Managing Partner G'nther Casjens leave the company at the end of March. Casjens, a former CEO of Hapag-Lloyd, joined Nordcapital in early 2004. He will continue as senior advisor.
   All investment and issuance activities related to the fund business will be consolidated under the 'new' Nordcapital Group headed by CEO Reiner Seelheim.
   'As the shipping company and the investment business pursue different objectives, it made sense to give them a greater degree of independence from one another,' said Nordcapital's principal shareholder Erck Rickmers. 'The new structure will permit the companies to develop to their fullest potential.' ' Simon Heaney