DENMARK: Danfoss has announced plans to pass on its family ownership to the grandchildren of the company’s original founder, Mads Clausen, in 2022.
From next year, current Danfoss A/S chairman Jørgen Mads Clausen and Peter Mads Clausen, chairman of the Bitten & Mads Clausen’s Foundation, both sons of the late Danfoss founder, Mads Clausen, will be passing the baton on to their sons, Mads Clausen and Mads-Peter Clausen.
Mads Clausen, who is the son of Anette and Jørgen Mads Clausen, will join the board of directors of Danfoss A/S. He will continue as a board member of Bitten & Mads Clausen’s Foundation, which he joined in 2015.
Mads-Peter Clausen, who is the son of Anne-Dorthe and Peter Mads Clausen, will become a new board member of Bitten & Mads Clausen’s Foundation. He will continue to serve on the board of directors at Danfoss A/S, which he has been a member of since 2014.
In addition, Jens Martin Skibsted, son of Bente Skibsted, the daughter of Danfoss founder Mads Clausen, will continue his work in Bitten & Mads Clausen’s Foundation, which he became a member of in 2012.
The Bitten & Mads Clausen’s Foundation was established as a self-governing institution in 1971 and is the biggest shareholder in the company.
Danfoss says the generational succession has been carefully prepared and planned and will help ensure the continued positive development in Danfoss A/S and Bitten & Mads Clausen’s Foundation while highlighting the Clausen family’s historic ties and affiliation with the company and the Foundation. It also emphasises that the Clausen family is “deeply committed to continuing the close and trusting cooperation” with the executive boards and senior management of both the company and the Foundation.
The final set-up, including the distribution of roles on the boards of directors of Danfoss A/S and Bitten & Mads Clausen’s Foundation, will be determined in 2022 at the annual meeting and general meeting respectively.