Denmark’s AP Moller-Maersk will have a new leader next year after chief executive Soren Skou said he will retire on 31 December.

The group’s CEO of Ocean & Logistics, Vincent Clerc, will replace the outgoing boss.

The Copenhagen-based liner giant said that Skou has led its transformation since 2016, overseeing its shift from a diversified conglomerate into an integrated logistics company through a series of sell-offs.