Search underway for new Grundfos CEO
After 16 years as the company’s top executive, Carsten Bjerg was fired as the head of pump company Grundfos on Friday.
Who will replace him remains uncertain. While the head of Grundfos's board clearly rejected the notion that 42-year-old Poul Due Jensen, the grandson of the Grundos founder by the same name, will step in as the company's new boss, Jensen himself raised speculations that he is gunning for the job by refusing to deny his interest in the position.
"I think we should wait with everything and let this all cool off," Jensen told Børsen, contradicting comments from the company's chairman of the board, Jens Moberg, who said "Poul is not a candidate" for the job.
Board unhappy with Bjerg
Even though Berg was named the executive of the year last year by Lederne, an organisation of top level executives, the Grunfos board said that they were dissatisfied with results under Bjerg.
“Grundfos has untapped growth potential and we are not satisfied with the current level of development,” Moberg said in a statement. Therefore we have, after careful consideration, decided to find a new head for Grundfos.”
Until a new boss has been found, Molberg will take control of the company's daily operations along with Søren Ø Sørensen and Lars Aagaard.
Grundfos has operations in more than 60 countries with revenues of 22.5 billion kroner. The company has 18,000 employees.
Company earnings plummeted from 780 million kroner to 441 million kroner during the first half of this year, despite a slight increase in revenue.