Denmark's Maersk Group will need to find a new chairman.

This is clear after chairman Michael Pram Rasmussen has announced that he will not seek a new term as chair at the group's General Assembly in late March.

The board of directors has instead nominated Jim Hagemann Snabe, who is expected to be elected at the General Assembly on March 28. He has also recently been tapped as chairman of German industry behemoth Siemens.

Michael Pram Rasmussen has served as chairman of the Maersk Group since 1999, and he spearheaded the strategical change which will now see the former conglomerate be split into two units.

"In 2016 we took a decision to change the direction of the company. With a new structure accomplished and a new leadership team established led by Søren Skou, we are ready to implement the new strategy focusing on developing Transport & Logistics and for the next generation to take the lead and respond to industry opportunities. Timing is right for me as well as for the company to retire as the Chairman," says Rasmussen in a statement.

Jim Hagemann Snabe is 51 years old and already serves on the Maersk Group board of directors. Chairing both Siemens and Maersk, he will now enter the upper echelons of international business circles.

Jim Hagemann Snabe is expected to be elected as new Maersk Group chairman in late March this year. Photo: AP/Polfoto/Arkiv.

"I am honored to be nominated as new Chairman of the Board. A.P. Møller - Mærsk A/S is a very strong company, with an impressive history and impact on global trade and it has enormous potential in a world of constant change. I look forward to working with the board and the management team on the transformation that lies ahead of us, as well as securing a strong future platform for our oil and oil related businesses," says Snabe.

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